RBI says 70 years upper age for private bank CEOs, MDs and whole-time directors

KOLKATA: Reserve Bank of India has fixed the upper age limit for private bank chief executives at 70 creating chances for the likes HDFC Bank’s Aditya Puri or IndusInd Bank’s Romesh Sobti to head their banks for a longer period.

The banking regulator said that the decision has been taken in step with the Companies Act, 2013, which prescribe that ‘no company shall appoint or continue the employment of any person as managing director, whole time director or manager who is below the age of 21 years or has attained the age of 70 years’.

However, Puri’s or Sobti’s longer run would ultimately depend on their respective banks’ board as RBI gave boards the power to prescribe a lower retirement age for the chief executives and directors.