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RBI directs banks to appoint two whole time Directors on Boards
Oct 26, 2023
The Reserve Bank of India (RBI) has instructed banks to have a minimum of two Whole Time Directors (WTDs), including the MD & CEO, as part of their Board composition. The exact number of WTDs will be determined by the bank's Board, considering factors like operational size and business complexity.
The RBI emphasized that due to the increasing intricacy of the banking sector, it is crucial to establish a robust senior management team capable of handling evolving challenges. This team can also aid in succession planning, particularly in light of regulatory guidelines on MD & CEO tenure and age limits. Banks not currently meeting this requirement are urged to submit proposals for WTD appointments under Section 35B(1)(b) of the Banking Regulation Act, 1949, within four months from the circular's issuance.
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