 "RBI sets rules for appointment of MDs, WTDs of urban cooperative banks")
The Reserve Bank of India (RBI) has set rules for appointing managing directors and whole-time directors in urban cooperative banks, limiting the total stint for a person to 15 years. At the time of the first appointment, the tenure of the director can be for a period between three and five years.
The re-appointment after 15 years can happen only after a gap of a three-year cooling period.
The minimum age of a person should not be less than 35 years and not more than 70 years any time during the tenure.
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To be eligible for the post, the person should have a combined experience of at least eight years at the middle/ senior management level in the banking sector.
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