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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Directions with respect to Appointment of Whole-Time Directors

25-Oct-2023 | RBI/2023-24/70 DOR.HGG.GOV.REC.46/29.67.001/2023-24

The Reserve Bank of India (RBI), has issued a notification on October 25 in reference to paragraph 10 and 11 of Corporate Governance in Banks - Appointment of Directors and Constitution of Committees of the Board By virtue of this notification R.B.I has asked commercial banks to ensure that there shall be at least two whole time directors (WTDs) on their boards including the MD & CEO, on their boards. The number of WTDs shall be decided by the board of the bank by taking into account factors such as the size of operations, business complexity, and other relevant aspects Banks that currently do not meet the minimum requirement of two WTDs on their boards are advised to submit their proposals for their appointment within a period of four months from the date of issuance of this circular.

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