Urban Co-operative Banks prohibited from creating non-statutory honorary positions at Board level
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- Last Updated on 24 April, 2022
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Circular No. RBI/2022-23/33 DOR.GOV.REC.No.26/18.10.004/2022-23, Dated 21.04.2022
RBI has observed that some of the UCBs have adopted the practice of creating honorary designations/conferring titles at the Board level such as Chairman Emeritus, Group Chairman, etc. These positions are not recognised under any applicable statues/regulations. Therefore, creating liability on such persons will be difficult as these positions are not recognized in applicable laws. The RBI has directed UCBs not to create such positions on the Board and also to eliminate any such existing positions/titles within 1 year from the date of this circular.
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