RBI has also asked wholly owned subsidiaries of foreign banks to ensure at least two Whole Time Directors, including the MD and CEO, on their boards.
As per RBI, the Board of the bank should decide the number of Whole Time Directors (WTDs) by taking into account factors like the size of operations, and business complexity.
The RBI circular said, “Banks that currently do not meet this minimum requirement are advised to submit their proposals for the appointment of WTD(s) within a period of four months from the date of issuance of the circular.”
