NCLAT: Can’t Dismiss Restoration App. if Filed in 30 Days from Date of Dismissal of Original App.  ||  Delhi HC: Communication between Parties through Whatsapp Constitute Valid Agreement  ||  Delhi HC Seeks Response from Govt. Over Penalties on Petrol Pumps Supplying Fuel to Old Vehicles  ||  Centre Notifies "Unified Waqf Management, Empowerment, Efficiency and Development Rules, 2025"  ||  Del. HC: Can’t Reject TM Owner’s Claim Merely because Defendant Could have Sought Removal of Mark  ||  Bombay HC: Cannot Treat Sole Director of OPC, Parallelly with Separate Legal Entity  ||  Delhi HC: Can Apply 'Family of Marks' Concept to Injunct Specific Marks  ||  HP HC: Can’t Set Aside Ex-Parte Decree for Mere Irregularity  ||  Cal. HC: Order by HC Bench Not Conferred With Determination by Roster is Void  ||  Calcutta HC: Purchase Order Including Arbitration Agreement to Prevail Over Tax Invoice Lacking it    

RBI issues advisory to banks to ensure the presence of two Whole Time Directors - (25 Oct 2023)

Banking

RBI advises banks to ensure the presence of at least two Whole Time Directors (WTDs), including the MD and CEO, on their Boards. The number of WTDs shall be decided by the Board of the bank by considering factors such as the size of operations, business complexity, and other relevant aspects. The decision is in wake of growing complexity of the banking sector. It becomes imperative to establish an effective senior management team in the banks to navigate ongoing and emerging challenges.

Establishment of such a team may also facilitate succession planning, especially in the background of the regulatory stipulations in respect of tenure and upper age limit for Managing Director and Chief Executive Officer (MD&CEO) positions. The directive applies to both private banks and wholly-owned subsidiaries of foreign banks.

In compliance to the instructions, banks that currently do not meet the minimum requirement are advised to submit their proposals for the appointment of WTD(s) under Section 35B(1)(b) of the Banking Regulation Act, 1949, within a period of four months from the date of issuance of this circular. Those banks which do not already have the enabling provisions regarding appointment of WTDs in their Articles of Association may first seek necessary approvals under Section 35B(1)(a) of the Act, expeditiously, so as to be in a position to comply with the requirements. While ensuring compliance to the instructions, careful consideration shall also be given to meet the requirements under other applicable statutory/regulatory provisions.

Tags : APPOINTMENT   TIME DIRECTOR   BOARD  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved