Private banks must have two wholetime directors: RBI

The Reserve Bank of India (RBI) has directed private sector banks to appoint at least two whole-time directors (WTDs) in addition to the managing director and CEO. Banks that do not have two WTDs must submit proposals within four months. The RBI believes that having a team of WTDs will aid in succession planning and address the complexity of the banking sector. The central bank has given banks the autonomy to determine the number of WTDs based on factors such as business complexity and operational size.

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