<P> The Foreign Exchange Management Act, 1999 came into force in June 2000 . It should improve the item in 2004--2005 (National Electronic Fund Transfer). The Security Printing & Minting Corporation of India Ltd., a merger of nine institutions, was founded in 2006 and produces banknotes and coins . </P> <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 four - year term . The Board consists of a governor, and not more than four deputy governors; four 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 . The Reserve Bank--under Raghuram Rajan's governorship--wanted to create a post of a chief operating officer (COO), in the rank of deputy governor and wanted to re-allocate work between the five of them (four 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 four deputy governors BP Kanungo,, NS Vishwanathan and Viral Acharya, Mahesh Kumar Jain . </P>

Who appoints the governor and deputy governors of rbi