Reserve Bank of India Act, 1934
7. Management
(1) The Central Government may from time to time give such
directions to the Bank as it may, after consultation with the Governor of the
Bank, consider necessary in the public interests.
(2) Subject to any such directions, the general superintendence
and direction of the affairs and business of the Bank shall be entrusted to a
Central Board of Directors which may exercise all powers and do all acts and
things which may be exercised or done by the Bank.
(3) Save as otherwise provided in regulations made by the
Central Board, the Governor and in his absence the Deputy Governor nominated by
him in his behalf, shall also have powers of general superintendence and
direction of the affairs and the business of the Bank, and may exercise all
powers and do all acts and things which may be exercised or done by the Bank.