New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Who are the members of the Board of directors of the

    Corporation as per the Deposit Insurance and Credit Guarantee Corporation Act?
    A Government officials only Correct Answer Incorrect Answer
    B Members nominated by the World Bank Correct Answer Incorrect Answer
    C Representatives from all commercial banks Correct Answer Incorrect Answer
    D Only officials from the Reserve Bank of India Correct Answer Incorrect Answer
    E Representatives from various sectors including banking, finance, and agriculture Correct Answer Incorrect Answer

    Solution

    Section 6 Board of Directors:  (1) The Board of directors of the Corporation shall consist of the following, namely :- (a) the Governor, for the time being, of the Reserve Bank or, if the Reserve Bank, in pursuance of the decision of the committee of the Central Board of Directors of that Bank, nominates any Deputy Governor for the purpose, the Deputy Governor so nominated, who shall be the Chairman of the Board; (b) a Deputy Governor or any other officer of the Reserve Bank nominated by that bank; (c) an officer of the Central Government nominated by that Government; (d) five directors nominated by the Central Government in consultation with the Reserve Bank, three of whom shall be persons having special knowledge of commercial banking, insurance, commerce, industry or finance and two of whom shall be persons having special knowledge of, or experience in, co-operative banking or co-operative movement, and none of directors shall be an officer of Government or of the Reserve Bank or an officer or other employee of the Corporation or a director, an officer or other employee of a banking company or a co-operative bank or otherwise actively connected with a banking company or a co-operative bank. (e) four directors, nominated by the Central Government in consultation with the Reserve Bank, having special knowledge or practical experience in respect of accountancy, agriculture and rural economy, banking, co-operation, economics, finance, law or small scale industry or any other matter, the special knowledge of, and practical experience in which, is likely in the opinion of the Central Government, to be useful to the Corporation.

    Practice Next