Question
Under Section 9 of the RBI Act, 1934, how many Local
Boards are constituted and how many members does each Local Board consist of?Solution
Section 9 provides that a Local Board shall be constituted for each of the four areas specified in the First Schedule, and each Local Board shall consist of five members appointed by the Central Government. These members represent territorial and economic interests and the interests of co-operative and indigenous banks. The members elect a chairman from amongst themselves. Hence there are four Local Boards, each consisting of five members.
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