The Reserve Bank's affairs are governed by a central board of directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act. The directors are appointed for a period of four years.

On June 27, 2006, the Union Government of India reconstituted the Central Board of Directors of the Reserve Bank of India (RBI) with 13 members, including Azim Premji and Kumar Mangalam Birla.

The other members of the board are:

Suresh Tendulkar, Economist and Member, Prime Minister's
Economic Advisory Council (to represent Eastern Area Local Board)

U. R. Rao, former Chairman, ISRO and Chairman Research Council, Physical Research Laboratory, Department of Space (to represent Northern Area Local Board)

Lakshmi Chand, IAS (Retd.) (to represent Southern Area Local Board)
Shashi Rekha Rajagopalan, Consultant, Co-operatives

Suresh Kumar Neotia, Chairman, Ambuja Cement

A. Vaidyanathan, Madras Institute of Development Studies

Man Mohan Sharma, FRS, Former Director, Mumbai University Institute of Chemical Technology

D. Jayavarthanavelu, Chairman and Managing Director, Laxmi Machine Works Ltd.

Those who were renominated to the board include

Y. H. Malegam, Chartered Accountant, (to represent Western Area Local Board),

H. P. Ranina, Supreme Court Advocate,

Ashok S. Ganguly, Member, Investment Commission and Chairman, ICICI One Source.

The retiring Directors include

Narayana Murthy
Mihir Rakshit

K. Madhava Rao
V. S. Vyas
K.P. Singh
Amrita Patel
Suresh Krishna