On basis of the RBI act of 1934, RBI is governed by a board of directors centrally. So, this board is unbiased and is appointed by the Indian government.
The entire management and organization of the RBI are on the shoulders of these directors. Thus, they are entirely responsible for the management of the RBI.
These board of directors team consists of 20 people. This includes 1 Governor, 4 deputy Governors, and 15 directors.
Governor is given the highest authority in the RBI. He is appointed for 5 years by the Indian government. He can also be re-elected for another term. While 4 deputy Governors are appointed by the central government.
They are also given tenure of 5 years. The fifteen directors are also appointed by the central government of India. Out of these 15, 4 directors are from the 4 local boards and they are nominated by the government.
The central board of directors gases all the powers to run the RBI. Thus, they should meet at least 6 times and once every 3 months a year.
Usually, there is always a meeting mixed in the month of March at New Delhi with the finance minister of India to discuss the upcoming budget. Similarly, one meeting is held in Mumbai every August before the annual reports are released.