RBI-appointed Nayak panel seeks information on banks’ board meet

An expert committee appointed by the Reserve Bank of India has sought minutes of board meetings from banks, a move that bankers said could be aimed at ascertaining the role of shareholder promoters in influencing the day-to-day functioning of the lenders.


The Nayak committee set up to review the governance of bank boards could recommend that shareholder promoters give up their executive positions at banks, they said, adding that this would affect banks such as Yes Bank and Kotak Mahindra Bank where the promoters hold executive positions. 

"The committee is set to review who should sit on the board, what they should discuss and the process to be followed for discussions. Right now, the committee is taking loads of information from banks, including minutes of board-level meetings," said a senior banker. (Economic Times)