PSB Boards

Just as in private companies, it is crucial for government agencies and regulatory authorities to have a majority of independent directors on their boards

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The position they find themselves in is a result of politically induced, management neglected, reckless lending in the last few years

While the revised norms are applicable only to public sector banks, separate guidelines for private banks and non-banking financial companies may be in the offing

Since the Reserve Bank of India nominee on PSB boards is part and parcel of all decisions, the apex bank's role as a regulator fails

Urjit Patel had said in June that no central bank nominee should be on the board of PSBs in a bid to avoid "conflict of interest"