Time to review BR Act as pvt banks struggle for top independent directors

Private banks are struggling to get top-class independent directors on their boards

You may have thought that being on the board of a private bank is a privilege few will pass up. It turns out this is not the case – over the past year, a clutch of private banks has sounded Mint Road on their struggle to on-board top-class independent directors; many sought extended timelines to get suitable candidates. And in the spotlight is the Banking Regulation Act (BR Act: 1949).

“I believe the BR Act has to be completely rewritten. It is archaic, when one takes into account the changes that have happened in the manner in which the business