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The Central Government is choosing the two Members under Section 5(1)(d). Who actually appoints them, and on what basis?

The Central Government appoints them, acting on the recommendation of a Selection Committee. The Committee only recommends and does not itself appoint. Its composition and manner of constitution are matters the Central Government prescribes by rules.

  1. AThe Central Government, on the recommendation of a Selection CommitteeCorrect
  2. BThe Selection Committee itself, subject to Parliament's approval
  3. CThe Chairperson, in consultation with the RBI Member
  4. DThe Central Government, on nomination by SEBI and IRDAI

Explanation

Section 5(1)(d) says two other Members are appointed by the Central Government on the recommendation of a Selection Committee. The Committee only recommends; appointment remains with the Government. Its composition is prescribed by rules.

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