RBI Governor & Deputy Governors Flashcards
What does Section 8 of the RBI Act stipulate regarding the number of Deputy Governors?
Section 8 of the RBI Act stipulates that there should be “NOT MORE than 4” Deputy Governors.
Who is responsible for selecting the Deputy Governors of the RBI?
The Deputy Governors are selected by the Financial sector regulatory appointment search committee (FSRASC), which is headed by the Cabinet Secretary (IAS).
What is the process for the final approval of the selected Deputy Governors?
The successful candidates’ names are sent to the Appointments Committee of the Cabinet, which is headed by the Prime Minister, for final approval.
What is the usual tenure for the Governor and Deputy Governors of the RBI, and is re-appointment possible?
The usual tenure for the Governor and Deputy Governors is typically 3 years, although this is not always the case. Re-appointment is indeed possible.
When was Shaktikanta Das appointed as the Governor of the RBI, and what is the duration of his tenure?
Shaktikanta Das was appointed as the Governor of the RBI in December 2018 for a period of 3 years. His tenure was renewed by the Modi Government in 2021 for another three years, extending his total tenure to six years, until December 2024.
What are some key positions held by Shaktikanta Das before his appointment as the Governor of the RBI?
Before his appointment as the Governor of the RBI, Shaktikanta Das was a Retired IAS officer, a Former finance secretary, and a Member of the 15th Finance Commission.
How many regions does the RBI have and what are they?
The RBI is divided into four regions: Northern (Delhi), Eastern (Kolkata), Southern (Chennai), and Western (Mumbai).
What are some of the departments within the RBI?
The RBI has various departments overseeing Banks, NBFCs, Payment Systems, Foreign Exchange Management, among others.
What is the role of the RBI as the Controller of Money Supply?
As the Controller of Money Supply, the RBI issues M0 under the RBI Act and formulates the Monetary Policy.
How does the RBI act as the Controller of Foreign Exchange?
The RBI controls foreign exchange through the FEMA Act.
What are the responsibilities of the RBI as the banker to the Union and State Governments?
The RBI acts as the banker to the Union and State Governments and also serves as the Public Debt Manager.
In what capacity does the RBI serve as the Banker’s Bank?
The RBI is the Lender of Last Resort and advises on monetary matters, serving as the Banker’s Bank.
How does the RBI regulate banks?
The RBI regulates all “BANKS” through the Banking Regulation Act of 1949 and the Payment and Settlement Systems Act of 2007.
What entities does the RBI regulate apart from banks?
The RBI also regulates All India Financial Institutions (AIFI), Deposit Taking NBFCs (NBFC-D), and others.
What are some of the promotional roles of the RBI?
The RBI’s promotional roles include customer protection through the Ombudsman and financial inclusion through Priority Sector Lending (PSL) norms, which require banks to open 25% of their branches in rural areas.
