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RBI Governor Shaktikanta Das: Here Are the Highlights Of RBI Governor's Speech


The RBI continues to monitor the Covid-19 situation closely, Shaktikanta Das added
Reserve Bank of India Governor Shaktikanta Das is making an unscheduled speech as the second wave of coronavirus continues to devastate the country. India has emerged as the coronavirus hotspot, with surging cases overwhelming the healthcare system. India has already crossed the 2-crore mark in total Covid infections caseload, which is the second highest globally just behind the United States and ahead of Brazil.
Prime Minister Narendra Modi has so far resisted pressure to impose a lockdown to stem the spread of the dreaded virus. Earlier this week, president of the Confederation of Indian Industry and chief executive of Kotak Mahindra Bank Uday Kotak had called upon the government to consider curtailing economic activity to cut the transmission chain of coronavirus. ....

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RBI fixes private bank MD, CEO tenures at 15 years; compliance by Oct 1


The Reserve Bank of India (RBI) on Monday capped the tenure of managing directors (MDs) and chief executive officers (CEOs) of private banks at 15 years. Promoters or major shareholders, however, cannot hold these posts for more than 12 years, but the RBI can choose to give them a three-year extension under extraordinary circumstances.
In its draft guidelines issued last year, the central bank had proposed a maximum of 10 years for promoter shareholders as MD and CEO.
According to the RBI’s latest guidelines on corporate governance in banks, after the completion of their term, professional MDs & CEOs or whole-time directors will be eligible for re-appointment in the same bank after a minimum gap of three years. During the cooling-off period, they should not be associated with the bank or its group entities in any capacity, either directly or indirectly. ....

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