Banks await RBI approval for appointing second whole-time director

Few need time as no regulatory approval yet for new CEO

More than half a dozen private-sector banks are awaiting regulatory approval for the appointment of a second whole-time director on their boards.  

In a notification in October 2023, the RBI advised banks to ensure the presence of at least two whole-time directors, including the managing director (MD) and chief executive officer (CEO), on their boards. Banks were asked to send proposals for the second whole-time directors within four months.

A host of banks, such as IDFC First Bank, City Union Bank, CSB Bank, South Indian Bank, and Karur Vysya Bank, have sent their proposals to the RBI for the appointment