The correct answer is option 'E', which means that the Board of the Reserve Bank of India (RBI) consists of all the given options: a Governor, four Deputy Governors, other directors, and members nominated by the Central Government.

The RBI is the central bank of India and plays a crucial role in the country's monetary policy, financial stability, and regulation of the banking sector. The Board of the RBI is responsible for managing and overseeing the functions of the central bank.

Here is a breakdown of the different components of the RBI Board:

A. Governor:
- The Governor is the highest-ranking official in the RBI and is appointed by the Central Government.
- The Governor is responsible for the overall management and administration of the RBI.
- The Governor represents the RBI in various national and international forums.

B. Deputy Governors:
- The RBI has four Deputy Governors who are also appointed by the Central Government.
- The Deputy Governors assist the Governor in the day-to-day functioning of the RBI.
- Each Deputy Governor is assigned specific portfolios and responsibilities related to different areas of the RBI's operations, such as monetary policy, banking regulation, currency management, and financial stability.

C. Other Directors:
- Apart from the Governor and Deputy Governors, the RBI Board includes other directors.
- These directors are appointed by the Central Government and represent various stakeholders, including commercial banks, cooperative banks, financial institutions, and the government itself.
- The directors bring diverse perspectives and expertise to the Board's deliberations and decision-making processes.

D. Members nominated by the Central Government:
- The Central Government also nominates members to the RBI Board.
- These members are typically experts from fields such as economics, finance, banking, or related sectors.
- Their role is to provide independent input and advice to the Board on matters pertaining to the RBI's functions and policies.

In summary, the RBI Board consists of a Governor, four Deputy Governors, other directors representing stakeholders, and members nominated by the Central Government. This composition ensures a diverse range of expertise and perspectives, allowing for effective management and oversight of the RBI's operations.

The Central Board of Directors governs the affairs of the RBI. The Board consists of Official Directors (Governor and not more than four Deputy Governors) and Non-Official Directors (ten Directors from various fields, one government official and each of the Directors of the four Local Boards) who are appointed by the Government of India for a period of four years.