After 12 years, RBI set to modify fit-and-proper norms for bank directors

The Reserve Bank of India (RBI) will come up with a fresh set of fit-and-proper norms — last revisited in November 2007 — for directors on the boards of banks. The new terms of reference for appointing directors — on state-run and private banks’ boards — are expected to streamline appointments to such posts, taking into account the vocations from which directors are to be drawn and their eligibility, and the role of the nomination committee and the terms of its engagement. These changes will entail a relook at the various laws governing banks in the co.....

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