The central board of directors of the Reserve Bank of India (RBI) on Friday, March 24, reviewed the global and domestic economic situation and associated challenges, including the impact of current global geopolitical developments.

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The 601st meeting of the board was held in Hyderabad.

The meeting, chaired by RBI Governor Shaktikanta Das, also discussed the central bank's activities during the current accounting year 2022-23. The board also approved the Budget for the accounting year 2023-24.

Directors of the central board, namely Satish K. Marathe, Professor Sachin Chaturvedi, Pankaj Ramanbhai Patel, and Dr. Ravindra H. Dholakia were present in the meeting.

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RBI deputy governors Mahesh Kumar Jain, Dr Michael Debabrata Patra;, M. Rajeshwar Rao, T. Rabi Sankar, Ajay Seth, Secretary, Department of Economic Affairs, and Dr Vivek Joshi, Secretary, Department of Financial Services, too attended the meeting.

The central board is the highest decision-making body of the apex bank, headed by the RBI governor. According to the RBI Act, the government nominates 10 eminent persons from various fields to the central board of the RBI, besides four directors (one from each of the four local boards).

The RBI was established on April 1, 1935, and the appointment and tenure of the board members are governed by Section 8 of the RBI Act.

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Section 7 — which has been in news lately — states that the "Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest."

(Edited by : Shoma Bhattacharjee)