Govt reconstitutes RBI board, inducts 7 new members

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The government has reconstituted the Reserve Bank of India's central board by inducting seven new directors, including GMR Group head GM Rao and former Atomic Energy Commission (AEC) Chairman Anil Kakodkar.

Dipankar Gupta, former JNU professor, Najeeb Jung, Vice-Chancellor of Jamia Millia Islamia and Ela Bhatt, founder and General Secretary of non-governmental organisation SEWA have found place on the board, the RBI said in a release.

The other new directors are Indira Rajaraman, professor Emeritus at National Institute of Public Finance & Policy and Kiran Karnik, former Chairman of Nasscom.

The seven new directors have been appointed for a period of four years, RBI said, adding that KM Birla, chairman of Aditya Birla Group of Companies, Azim Premji, chairman of Wipro, HP Ranina, Supreme Court Advocate and Lakshmi Chand, former bureaucrat would continue on the board.

The new induction follows retirement of M M Sharma, Sanjay Labroo, Suresh Kumar Neotia, A Vaidyanathan, UR Rao and YH Malegam from RBI's central board.