The government has nominated Rashtriya Swayamsevak Sangh-affiliate Swadeshi Jagaran Manch co-convenor Swaminathan Gurumurthy to the Central Board of the Reserve Bank of India.
The name of Gurumurthy, who had termed the demonetisation exercise a “success” and an “investment”, was approved by Prime Minister Narendra Modi-led Appointments Committee of the Cabinet on Tuesday as per provisions of Section 8 1C of the RBI Act, 1934. The provisions allow the government to nominate anyone as a part-time, non-official Director. Gurumurthy will get a four-year tenure.
The ACC also nominated businessman Satish Kashinath Marathe to the RBI Board.
The ACC process the names sent to it by the Department of Financial Services, Ministry of Finance. Gurumurthy, a chartered accountant and Editor of Tamil magazine Thuglak, has delivered public lectures on the merits of demonetisation and given interviews on Doordarshan. He argued that demonetisation was needed to bring in the cash economy into the folds of the banking sector as it would be good for the country’s GDP as well as curtail terror funding.
Gurumurthy is also said to have advocated the replacement of the Planning Commission with a new body, like the NITI Aayog favouring an Indian approach to development. Gurumurthy has written and spoken on monetary policy, jobs, RBI and such macro-economic issues, including why Raghuram Rajan was not given a second term.