The Central Board that governs the Reserve Bank of India
Background
The Reserve Bank's affairs are governed by a central board of directors.
The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.
Directors are appointed or nominated for a period of four years.
The full-time official Directors are the Governor and not more than four Deputy Governors.
Among non-official Directors, the Government nominates ten Directors from various fields and two government officials.
Four other Directors come one each from four local boards.
The Central Board's function is the general superintendence and direction of the Bank's affairs.
A separate Board for Financial Supervision also functions under the Reserve Bank.
In plain words
Central Board Central board of directors of the Reserve Bank of India — The body with general superintendence over the Bank.
Local board Regional board of the Reserve Bank — Four local boards each send one Director to the Central Board.
BFS Board for Financial Supervision — A separate board under the Reserve Bank for supervision of financial institutions.