Composition of Board

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....shall consist of-- (a) a nominee of the Central Government; and (b) a nominee of the Reserve Bank. (4) The duration of office and other conditions of service of the Chairperson and other Members of the Board shall be such, as may be prescribed. (5) Notwithstanding anything contained in sub-section (4), the Central Government shall have the right to terminate the services of a Member of the Boa....

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....Central Government, so abused his position as to render his continuation in office detrimental to the public interest: Provided that no Member shall be removed, unless he has been given a reasonable opportunity of being heard in the matter. (7) The Board may, by order in writing, allocate functions of the Agency under this Chapter to the Chairperson or any other Member or employee of the Agency, ....

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....g-term within an acceptable level of risk at all times under the general superintendence of the Central Government; (b) to provide that the general superintendence, direction and management of the affairs and business of the Agency shall vest in the Board which shall consist of such number of executive and nominee Members as may be notified by the Central Government; (c) to specify the functions....