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The Economic Times
The Economic Times
Business

RBI tightens norms for re-appointment of directors on UCB boards

RBI UCB Reserve Bank of India

Mumbai, An individual cannot serve as a director continuously for more than 10 years on the board of Urban Co-operative Banks, and the re-appointment can happen only after a compulsory three-year cooling-off period, according to the RBI.

Amending the provisions, the Reserve Bank of India (RBI) on Monday said there have been instances where directors resorted to circumventing statutory provisions to continue on the boards of the UCBs.

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