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The Reserve Bank of India in its notification yesterday has capped the tenure of Managing Director/Chief Executive Officer/Whole-time Director at 15 years and for Promoter MD/CEO at 12 years.
Under special circumstances and at the discretion of the RBI, the term for Promoter CEO may be extended up to 15 years.
These rules apply to private lenders, small finance banks and wholly-owned subsidiaries of foreign banks.
Banks such as HDFC Bank Ltd., ICICI Bank Ltd., and IndusInd Bank Ltd. had a change at the helm in the recent past.
However, banks like Kotak Mahindra Bank Ltd., DCB Bank Ltd., City Union Bank Ltd., Federal Bank Ltd., and RBL Bank Ltd. have long-running tenures (plus 10 years) of the current MDs.
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