Cooperative banker Satish Marathe and Thuglak Editor S Gurumurthy appointed part-time Directors on RBI board

Last Updated: Fri, Aug 10, 2018 13:50 hrs
Woman strips after being unable to exchange old notes at RBI

New Delhi:The Central government on Tuesday announced the appointment of Satish Kashinath Marathe and Swaminathan Gurumurthy as part-time non-official Directors on the central board of Reserve Bank of India (RBI).

According to the Appointments Committee of the Cabinet, the appointments have been made for a duration of four years from the date of appointment or "until further orders".

As per an information note issued on Tuesday, the appointment proposals were forwarded by the Department of Financial Services of the Union Ministry of Finance.

Swaminathan Gurumurthy:

The Editor of the weekly Thuglak is a Chartered Accountant and an economist. A regular commentator on various economic and political developments in the country, Gurumurthy is also the co-convenor of the Swadeshi Jagaran Manch, an RSS affiliate that lends thoughts on various economic issues.

Gurumurthy has also been reported of being a visiting faculty at IIT Bombay, and a Distinguished Research Professor for Legal Anthropology at SASTRA University.

He confirmed his appointment on twitter.

His elevation as a government nominee to the RBI boarad has raised brows. Although, being an economist and a Chartered Accountant lends to his selection, a handful media reports questioned the government move owing to his strong political affiliations.

Twitter has been buzzing majorly owing to his support of the government's demonetisation move.

In his article, published in The Hindu, he supports the demonetisation move. In the story dated November 9, 2017, he finds the move as a "fundamental corrective to the economy", akin to the liberalisation undertaken by the Narasimha Rao government in 1991.

Besides demonetisation, he has also been vocal of the RBI's various moves and political movements in the country. Here are some of them.

Satish Marathe:

Marathe is the founder of Sahakar Bharati, an NGO that works to support cooperatives. In his 40 year long association he has served the United Western Bank, Thane Bharat Sahakari Bank Ltd, rajkot Nagarik Sahkari Bank, Jankalyan Sahakari Bank, as well as served as the hon secretary of the Indian Banks Association and Vice President of the Private Sector Bank's association.

Marathe in his youth has been associated with the Akhil Bharatiya Vidyarthi Parishad, India’s largest student organisations affiliated to the Rashtriya Swayamsevak Sangh. He served as its treasurer for four years.

The RBI central board is seperate from the RBI's Monetary policy committee and does not deliberate on interest rate discussions. But being a forum for discussions, it can involve talks ranging from dividend policies to even operations of banks and even banking regulations. 

Congratulatory messages have been pouring on Twitter. Some questioned the government move, while others said RBI needed some Indian educated economists.

Here are some of them: