RBI asks private banks to have at least 2 whole-time directors

The Reserve Bank of India has directed private banks and wholly-owned subsidiaries of foreign banks to have at least two Whole Time Directors (WTDs) on their boards, including the MD & CEO, to facilitate succession planning. The RBI emphasized the need for an effective senior management team to navigate the complexities of the banking sector. Banks are required to submit proposals for the appointment of WTDs within four months if they do not meet the minimum requirement.

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