Last Monday, Shaktikanta Das drew attention to an issue that has long been subject to a code of silence. “It is necessary that ‘independent’ directors are truly independent — independent not only of the management but also of controlling shareholders, while discharging their duties. They have to always remember that their loyalty is to the bank and no one else.” The Reserve Bank of India (RBI) governor’s message to independent directors was that they were not to be beholden to anybody or anything other than the long-term interests of a bank.