RBI Mandates Private Banks to Have 2 Whole-time Directors, Including MD & CEO, on Their Boards
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- By Chetan Kulasri
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- Last Updated on 27 October, 2023
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Circular no. RBI/2023-24/70 DOR.HGG.GOV.REC.46/29.67.001/2023-24; Dated: 25.10.2023
RBI has directed private banks to ensure the presence of at least two whole-time directors, including MD & CEO on their Boards. The number of WTDs shall be decided by the Board of bank by taking into account factors such as the size of operations, business complexity, and other relevant aspects. Further, banks that currently do not meet the min. requirement are advised to submit their proposals for the appt. of WTD(s) within a period of 4 months from the date of issuance of the circular.
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