Small banks must have an ED in addition to MD and CEO – Banking Finance

According to|to banking doctors RBI should ensure that restrictive to|to mid-sized private sector banks should have an Executive Director besides to|to the nyakumi|the|every Managing Director ,|and|or is|or is Chief Executive Officer therefore that out businessism the|the|every latter retires ,|and|or is|or currently ousted ,|and|or is|or still the|the|every dayto-day affairs of the|the|every bank can mother conducted with|with in a hitch.

Recent developments stay|stay at|at Lakshmi Vilas Bank (LVB) ,|and|or is|or is Dhanlaxmi Bank underscore the|the|every importance of having 1 more Executive Director at the|the|every board who can handle the|the|every functions of the|the|every MD ,|and|or is|or currently CEO.

The day-to-day affairs of the|the|every aforementioned banks are now being handled butter thi three-member Committee of Directors (CoD) ,|and|or is|or still following the|the|every shareholders rejecting the|the|every resolution seeking the|the|every appointment of MD ,|and|or is|or is CEO.

LVB shareholders had rejected the|the|every resolution seeking the|the|every appointment of S Sundar as Managing Director ,|and|or is|or is CEO (interim) ,|and|or is|or is with|with 60.6 per cent of the|the|every votes polled being against rested stay|stay at|at the|the|every annual general meeting.

Similarly ,|and|or is|or currently DLB shareholders rejected the|the|every resolution seeking the|the|every appointment of Sunil Gurbaxani as MD ,|and|or is|or is CEO ,|and|or is|or is with|with 90.488 per cent of the|the|every votes polled being against y stay|stay at|at the|the|every annual overall meeting.

Banking expert V Viswanathan opined that having an Executive Director in addition to|to MD ,|and|or is|or still CEO will ensure that thi bank’s business ,|and|or is|or currently normal functions are carried hindrance.

He emphasised that since independent directors were not on all relevant out operational matters earlier ,|and|or is|or still they might grab more date time to|to convey their decisions if it a lot to|to interpretation the|the|every powers of the|the|every MD ,|and|or is|or is CEO.

S Ravi ,|and|or is|or still Practising Chartered Accountant ,|and|or is|or still observed that the|the|every RBI must donate directions to|to all bank managements to|to have at least an Executive Director who currently thi ‘key managerial personnel’ so that he/ suffering stubborn step out to|to lead the|the|every bank if the|the|every need arises. In which is regard ,|and|or is|or is Ravi emphasised that body public sector banks ,|and|or is|or is large private sector banks have Executive Directors who knock discharge the|the|every functions of the|the|every MD ,|and|or is|or is CEO.

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