IT and management experts can now be appointed as bank directors, with RBI today modifying the rules to involve professionals in decision-making against the backdrop of innovation in banking and technology.
RBI said it is felt that domain knowledge and experience enumerated under various statutory provisions for the directors on the boards of commercial banks "need to be augmented" by knowledge and experience in other specialised areas, to guide the banks in managing their diversified business portfolios and risks.
"It has, therefore, been decided to broaden the fields of specialisation to include (i) IT (ii) payment and settlement systems (iii) human resources (iv) risk management and (v) business management for persons who could be considered for appointment of directors in banks," RBI said.
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