Puri, Sobti may take chairman's office if bank directors' age cap is raised

Alignment of bank directors' age limit with the cap of 75 years prescribed under Companies Act will help them retain board seats

The Reserve Bank of India (RBI) has been “informally sounded out” on whether it can look into the matter of increasing the age limit for directors on banks’ boards, currently pegged at 70 years, and align it with the Companies Act, where the prescribed age limit is 75 years.

Highly placed sources said back-channel communication had been initiated with Mint Road on the issue, and the development was significant as it came on the cusp of a hunt to find successors to IndusInd Bank Managing Director (MD) and Chief Executive Officer (CEO) Romesh Sobti and HDFC Bank MD Aditya Puri.