In an unusual move, the Finance Ministry has nominated Ajay Taygi, Additional Secretary in the Department of Economic Affairs to the RBI board in place of Economic Affairs Secretary Rajiv Mehrishi.
As per the convention, Economic Affairs Secretary besides the Financial Services Secretary is part of Central Board Directors of RBI.
“In exercise of the power conferred by clause (d) of sub-section (1) of Section 8 of the RBI ACT 1934, the central government hereby nominates Ajay Tyagi, Additional Secretary (Investment) Department of Economic Affairs Ministry of Finance, to be director on the Central Board of Directors of RBI with immediate effect until further order vice Rajiv Mehrishi,” a Finance Ministry notification said.
Mehrishi also holds Finance Secretary position in the ministry.
Following this notification in June 22, RBI had a board meeting which would not have been attended by the incumbent Finance Secretary.
The 552nd meeting of the Central Board of Reserve Bank of India was held on July 2, 2015 at Chennai.
As per the RBI website, there are 17 board members including RBI Governor and four Deputy Governors. Rajiv Mehrishi name is still part of the central board of directors as reflected on the website.
