RBI caps age at 70 for bank MD, CEO, director positions
The Hindu
Regulator fixes upper limit of 15 years for post tenures
The Reserve Bank of India (RBI) on Monday fixed the tenure of MD, CEO and whole-time director (WTD) in a private sector bank at 15 years and prescribed the maximum age of 70 years for such functionaries. These directives form part of the instructions issued by the RBI on Monday with regard to the chair and meetings of the board, composition of certain committees of the board, age, tenure and remuneration of directors, and appointment of the WTDs. The RBI said it would come out with a Master Direction on Corporate Governance in banks in due course. “The post of the MD & CEO or WTD cannot be held by the same incumbent for more than 15 years.More Related News