RBI Caps Tenure Of Private Banks’ MD, CEO, Whole-Time Directors: ICICI Securities
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ICICI Securities Report
The Reserve Bank of India has issued instructions with respect to corporate governance relating to the appointment of Directors and constitution of Board committees for private banks (including small finance banks) and foreign banks.
For Managing Director and Chief Executive Officer and Whole-time Director, same individual shall not hold the post for more than 15 years but will be eligible for re-appointment after a minimum gap of three years – eligibility of re-appointment is a positive surprise.
For MD and CEO or Wholetime Director who is also a promoter/major shareholder shall hold these posts for not more than 12 years; however, he/she can continue up to 15 years only at the sole discretion of the RBI.
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