RBI lays down ‘Fit and Proper’ Criteria for Directors on the Boards of Banks

RBI/2010-11/541; DBOD. No.BC.No. 95 /29.39.001/2010-11; May 23, 2011

The Chairman & Managing Director of all Nationalised Banks / Managing Directors & CEOs of all Private Sector Banks / The Managing Directors of all the Associate Banks of State Bank of India

‘Fit and Proper’ Criteria for Directors on the Boards of Banks

Please refer to DBOD circulars No.BC.104 & 105/08.139.001/2003-04 dated June 25, 2004 addressed to all private sector banks, DBOD. No.BC.No.46 & 47/29.39.001/ 2007-08 dated November 1, 2007 addressed to all nationalized banks and DBOD.No.BC.No. 50/29.39.001/2007-08 dated November 14, 2007 issued to all Associate Banks of SBI, on the captioned subject.

2. It has been decided to partially modify the format of ˜Declaration and Undertaking™ prescribed for the purpose of conducting due diligence to determine the ‘fit and proper’ status of directors, incorporating an explanatory note against Column (IV)(g) of the said format which is given in Annex 1. Henceforth, banks should use the revised format for obtaining declaration and undertaking from existing directors as well as the person to be appointed  / elected as director.

3. Please acknowledge receipt.

Yours faithfully,

(A K Khound)
Chief General Manager

 

 

profile image

About Taniya

Taniya | Associate

eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 12 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates