Explanation:

Mumbai, Kolkata, Chennai and New Delhi
The headquarters of local boards of RBI are in Mumbai, Kolkata, Chennai and New Delhi. The members of the local boards of RBI are appointed by the Central Government for a term of four years. Their main purpose is to advise the Central Board on local matters and to represent territorial and economic interests of local cooperative and indigenous banks; to perform such other functions as delegated by Central Board from time to time.