The Ministry of Finance (MoF) on November 17, 2022, issued the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme. The amended scheme provides that a whole-time Director, including the Managing Director, shall devote his whole time to the affairs of the nationalized bank and shall hold office for such initial term not exceeding five years and extendable up to a total period, including the initial term, not exceeding ten years, as the Central Government may, after consultation with the Reserve Bank, specify and shall be eligible for re-appointment.
The scheme will come into force on November 17, 2022.
