NEW DELHI :
The central government has nominated economic affairs secretary Ajay Seth in the Ministry of Finance as a director on the Central Board of Reserve Bank of India. Seth will replace the earlier nominee of government Tarun Bajaj who has been appointed as the revenue secretary.
“The nomination of Shri Ajay Seth is effective from April 24, 2021 and until further orders,” RBI said in a notification on Monday.
Seth, an Indian Administrative Service officer of the Karnataka Cadre’s 1987 batch, took charge as the new secretary of the department of economic affairs on 16 April. A mechanical engineer by training, Seth was Bangalore Metro Rail Corp. Ltd’s managing director for three years from July 2018, and is credited to have put the finances of the public sector unit in order.
In his previous stint in the finance ministry, Seth served as a deputy secretary and director in the department of expenditure and department of economic affairs between 2000 and 2004. He served as an adviser to the executive director of the Asian Development Bank in 2004-2008.
RBI’s affairs are governed by the central board of directors including its general superintendence. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.
The RBI board has both official and non-official directors. While RBI governor and not more than four deputy governors are appointed as the official directors, government nominates two secretaries from the finance ministry and 10 directors from various fields. Four directors from each of the local boards of RBI are also appointed as non-official directors.
At present, RBI governor Shaktikanta Das and three deputy governors, namely, Mahesh Kumar Jain, M.D. Patra, M. Rajeshwar Rao are the permanent members. Apart from Seth, banking secretary Debasish Panda represents the government in the board. Other non-official board members are Revathy Iyer, Sachin Chaturvedi, Natarajan Chandrashekharan, Satish Kashinath Marathe and Swaminathan Gurumurthy.