The Centre has nominated seven directors, commonly referred as RBI directors, to the Boards of various public sector banks (PSBs).
These directors have been nominated under the Banking Companies ( Acquisition and Transfer of Undertakings) Act 1970, by the Central Government on the recommendation of the Reserve Bank of India (RBI).
These directors are generally known as ‘RBI directors’ as they are mostly officials of RBI, with expertise in banking regulations and supervision, appointed under Section 9(3)(c) of the law.
The nominees are R Kesavan in Canara Bank (in place of Ms Uma Shankar), S.C.Murmu in Bank of India (in place of R Sebastian), Arun Kumar Singh in Union Bank of India (in place of A.K.Misra), Thomas Mathew in Central Bank of India (in place of Sekhar Bhatnagar), G.P.Borah in Syndicate Bank (in place of R N Kar), S K Panigrahy in Indian Bank (in place of J K Dash) and Sadhana Varma in United Bank of India (in place of Arnab Roy).
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