........India’s financial services secretary G.S. Sandhu said that while the proposal was discussed at the RBI board meeting on 10 August, it was not approved because the RBI Act needs to be amended before any change can be made. “We have asked RBI to justify the creation of the new post and send the proposal to the government. First, we have to amend the RBI Act to increase the number of deputy governors after which we will see if a new post needs to be created or not. The new post, if created, also has to be approved by the Appointments Committee of the Cabinet,” he added. The 17-member RBI board has two government representatives—economic affairs secretary Arvind Mayaram and Sandhu. Part of the ambiguity on whether the proposal for a revamp had been “approved” by the board may have emerged from the fact that while the RBI board discusses and debates a number of the issues, it is not a voting body........
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