As per various estimates, the RBI has over Rs 9 lakh crore of surplus capital with it.
The central government will nominate chairman and up to 15 members to the Board, said notification of DPIIT.
India's sovereign external debt-to-GDP level is among the lowest globally at less than 5 per cent.
DBS Bank suggested hiking the cap on foreign funds' investment in domestic debt is a better option.
The rupee fell against the dollar as the greenback strengthened post Friday's upbeat US non-farm payroll data.
The government would start raising a part of its gross borrowing programme in external markets, said Nirmala Sitharaman.
Finance Minister said in the last quarter, there could have been a fall and steps have been taken to improve the economy.
The external debt-to-GDP ratio stood at 19.7 per cent at end-March 2019, lower than 20.1 per cent at end-March 2018.
Primary contributors of the paper are economists Bibek Debroy, Rathin Roy, Surjit Bhalla, Charan Singh, Arvind Virmani.
Gadkari said his priority will be 'rolling out all stuck highway projects that include many of IL&FS projects within 100 days'.