Government Nominates Sanjay Lohiya to RBI Central Board

On 11 June 2026, the Central Government nominated Sanjay Lohiya, Secretary of the Department of Financial Services (DFS), Ministry of Finance, as a director on the Central Board of the Reserve Bank of India (RBI). His nomination took effect from 11 June 2026 and remains in force until further orders. He replaced Nagaraju Maddirala on the RBI Central Board.

Department of Financial Services

The Department of Financial Services is a department under the Ministry of Finance and deals with banking, insurance, pension, and financial sector administration in India. The Secretary of DFS is a senior civil service post in the Government of India.

Reserve Bank of India Central Board

The Central Board of the Reserve Bank of India is the apex governing body of the RBI under the Reserve Bank of India Act, 1934. The board consists of a Governor, up to four Deputy Governors, four directors from local boards, and ten directors nominated by the Central Government.

State Bank of India Central Board

The State Bank of India has a Central Board under the State Bank of India Act, 1955. The board includes directors nominated by the Central Government, along with other members representing different stakeholder categories.

Important Facts for Exams

• The Reserve Bank of India was established on 1 April 1935 under the Reserve Bank of India Act, 1934.
• The State Bank of India was constituted on 1 July 1955 under the State Bank of India Act, 1955.
• The Department of Financial Services was created in the Ministry of Finance to handle banking, insurance, and pension matters.
• Central Government nominations to RBI and SBI boards are made under the relevant statutory provisions governing each institution.

Previous Board Nomination

On 17 February 2022, the Central Government nominated Sanjay Malhotra, then Secretary in the Department of Financial Services, as a director on the central boards of both the RBI and the State Bank of India. He replaced Debasish Panda in those board positions.