<P> The national economy's growth rate came down to 5.8% in the last quarter of 2008--2009 and the central bank promotes the economic development . </P> <P> The central board of directors is the main committee of the central bank . The Government of India appoints the directors for a 4 - year term . The Board consists of a governor, and not more than 4 deputy governors; 4 directors to represent the regional boards; 2--usually the Economic Affairs Secretary and the Financial Services Secretary--from the Ministry of Finance and 10 other directors from various fields . RBI wants to create a post of Chief Operating Officer (COO) and re-allocate work between the five of them (4 deputy governor and COO). </P> <P> The bank is headed by the governor and the post is currently held by economist Urjit Patel . There are 4 deputy governors BP Kanungo, SS Mundra, NS Vishwanathan and Viral Acharya . Two of the four deputy governors are traditionally from RBI ranks and are selected from the Bank's Executive Directors . One is nominated from among the Chairpersons of public sector banks and the other is an economist . An Indian Administrative Service officer can also be appointed as deputy governor of RBI and later as the governor of RBI as with the case of Y . Venugopal Reddy and Duvvuri Subbarao . Other persons forming part of the central board of directors of the RBI are Dr. Nachiket Mor, YC Deveshwar, Prof Damodar Acharya, Ajay Tyagi and Anjuly Duggal . </P> <P> Uma Shankar, chief general manager (CGM) in charge of the Reserve Bank of India's financial inclusion and development department has taken over as executive director (ED) in the central bank . </P>

Governor of rbi at the time of nationalisation