The Reserve Bank of India (RBI) has capped the tenure of Managing Director and Chief Executive of commercial banks to 15 years. The same limit will also be applicable to whole-time directors (WTD). This means that the same incumbent cannot hold the post for more than 15 years.
The revised instructions will be applicable to all the Private Sector Banks including Small Finance Banks (SFBs) and wholly owned subsidiaries of Foreign Banks. However, it will not be applicable to foreign banks operating as branches in India.
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According to the new rules:
Important takeaways for all competitive exams:
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