Section 9 - Local Boards, their constitution and functions : RBI Act 1934
What is Local Boards, their constitution and functions? Section 9 of
Reserve Bank of India Act 1934
Section 9 of RBI Act 1934 : "Local Boards, their constitution
(1) A Local Board shall be constituted for each
of the four areas specified in the First Schedule
and shall consist of five members to be appointed by
the Central Government to represent, as far as
possible, territorial and economic interests and the
interest of co-operative and indigenous banks.
(2) The members of the Local Board shall elect from amongst
themselves one person to be the Chairman of the Board.
(3) Every member of a Local Board shall hold office
for a term of four years and shall be eligible for
Provided that any such member shall not be appointed for more
than two terms, that is, for a maximum period of eight years
either continuously or intermittently.
(4) A Local Board shall advise the Central Board on such
matters as may be generally or specifically referred to it and
shall perform such duties as the Central Board may delegate to