The Reserve Bank of India (RBI) has called a meeting of the board of directors of all banks -- state-run, private, and foreign -- on May 29 to primarily discuss “issues related to governance, ethics, the role of the boards, and supervisory expectations”, a top source told Business Standard.
RBI Governor Shaktikanta Das, deputy governors, and the executive directors of the central bank’s Department of Supervision, Department of Regulation, and Enforcement Department will take part in the first-of-its-kind interaction.
The meeting is being seen as a significant first step following Finance Minister Nirmala Sitharaman’s announcement in the Union Budget for FY24 about the need for improving governance and investor protection in the banking sector. Sitharaman had proposed certain amendments to the Reserve Bank of India Act, 1934; the Banking Regulation Act, 1949; and the Banking Companies (Acquisition and Transfer of
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