Under Section 10 of the RBI Act, 1934, which of the following is a disqualification for being a Director or a member of a Local Board?

Section 10(1) lists the disqualifications, which include being a salaried Government official, being or having been adjudicated an insolvent, being of unsound mind, being an officer or employee of any bank, or being a director of a banking company or co-operative bank. Under Section 10(3), the disqualification relating to salaried Government officials and bank directorships does not apply to the Governor, Deputy Governors or the Director nominated under Section 8(1)(d). Being a salaried Government official is therefore a disqualification.