RBI may not give extension to Romesh Sobti, Aditya Puri after terms end

Current RBI thinking is not to align pvt bank CEOs' age limit with Companies Act at 75 years

The Reserve Bank of India (RBI) may not give an extension to Romesh Sobti and Aditya Puri — the helmsmen at IndusInd Bank and HDFC Bank — after their current terms end.

The thinking within the central bank’s senior decision-making hierarchy is that there is no case as of now to increase the age limit for whole-time directors on private bank boards to 75 from 70 to bring it in alignment with the Companies Act (2013). Sobti turns 70 on March 23, 2020; Puri on October 26, 2020.

If the RBI is to go ahead with it, it would also