Longer terms for directors on management committees of banks: Sitharaman

UPDATED ON FEB 28, 2020 04:38 PM IST
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Finance Minister Nirmala Sitharaman announced some major changes in the governance of banks. Banks have been allowed to recruit Chief Risk Officer from outside the PSU sector, with compensation linked to market rates. Additionally, the tenure of directors on management committees would be enhanced to at least two years. This, Sitharaman said, is being done to allow continuity in management of banks.

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