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Bank’s Audit Committee Can Include Non-Executive Chairman, RBI says
July 24, 2017
According to the Reserve Bank of India, a non-executive chairman of a bank can also be nominated to the board of directors’ audit committee. Previously, only non-executive directors were allowed the chairmanship of the board of directors’ audit committee of a public-sector lender.
It was 2015 when the government divided the jobs of a managing director and chairman in public sector banks. With this, managing directors now have to take the position of executive heads and chairmen get the responsibility of policy management.
