Govt appoints Dilip Shanghvi, PK Monhanty at RBI’s central board
The general superintendence and direction of the RBI is entrusted with the 21-member Central Board of Directors.
The government today appointed two more members to the Reserve Bank of India’s central board, said a report.
According to the report on CNBC-TVI8, “Govt appoints Dilip Shanghvi, PK Mohanty to @RBI central board.”
— CNBC-TV18 (@CNBCTV18Live) January 25, 2018
Dilip Shanghvi, who is the founder of India’s major pharma-service provider Sun Pharmaceutical, is currently serving as the Managing Director of the company.
According to Forbes list, Shanghvi has a real time net worth of $12.9 billion currently. Under his leadership, Sun Pharma has emerged as the world's fifth largest generics maker and India's most valuable pharma outfit with 2016 revenues of $4.1 billion.
Shanghvi grew Sun through a series of shrewd acquisitions, the biggest of which was the purchase of scandal-tainted rival Ranbaxy Laboratories for $4 billion in 2014, as per Forbes.
Shanghvi holds a Bachelor of Commerce degree from the University of Calcutta, and is an alumnus of J.J. Ajmera High School and Bhawanipur Education Society College, from where he did his schooling and graduation, respectively.
While PK Mohanty, an Indian Administrative Service officer, is currently serving as the Chief Secretary to the government of Andhra Pradesh.
Mohanty's academic qualifications include MA in Economics from Delhi School of Economics, MA in Political Economy and PhD in Urban Economics from Boston University. He was also a Postdoctoral Fellow at Harvard University.
In his career, Mohanty has held several key positions including Commissioner of Visakhapatnam and Hyderabad Municipal Corporations; Vice Chairman, Hyderabad Urban Development Authority; Director General, Centre for Good Governance, Hyderabad; and Mission Director, Jawaharlal Nehru National Urban Renewal Mission (JNNURM), Government of India, New Delhi
Mohanty is also known for his contributions to reforms in urban governance and finance in India.
Currently, RBI is entrusted with the 21-member Central Board of Directors.
Under the board, RBI has the governor, 4 deputy governors, 2 finance ministry representatives, 10 government-appointed directors to represent important elements of India's economy, and 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi.
In RBI, each of these local boards consists of 5 members who represent regional interests, the interests of co-operative and indigenous banks.