Top RBI officials to meet board members of PSU banks on governance today

PTI reported that the Department of Supervision of the Reserve Bank of India will hold a one-day meeting in Delhi.

The meeting will be addressed by the RBI governor, deputy governors, executive directors of its regulation department as well as supervision.

Governor Shaktikanta Das will address whole-time and independent directors of PSU banks on issues related to governance, ethics and role of boards in assurance functionalities of banks, besides highlighting supervisory requirements.

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The meeting is going to be an interactive one where the directors including the chairman of the bank and nominee directors of both the central bank and the government will be invited to interact with the entire top brass of RBI.

Meanwhile, the government has carried out several reforms in governance and granted more autonomy to the boards of public sector banks in the recent past. These reforms include selection based on merit-cum-performance, an independent professional body for objective and transparent selection and allocation.

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The government also set up the Banks Board Bureau (BBB) ​​in 2016 to appoint whole-time directors in public sector banks and financial institutions. It was changed to Financial Services Institutions Bureau (FSIB) last year.

The meeting also comes just after the central bank’s decision on May 19 withdraw 2,000 denomination banknotes Removed from circulation and allowed citizens to deposit or exchange these notes in banks till September 31, 2023.