Central Government appointment power over whole-time directors expanded, enabling posting to corresponding new banks after consultation. Amendment empowers the Central Government to appoint up to five whole time directors to corresponding new banks after consultation with the Reserve Bank, and permits the Central Government, by Gazette notification following such consultation, to post any appointed whole time director to another corresponding new bank, with 'corresponding new bank' defined by reference to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.
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Provisions expressly mentioned in the judgment/order text.
Central Government appointment power over whole-time directors expanded, enabling posting to corresponding new banks after consultation.
Amendment empowers the Central Government to appoint up to five whole time directors to corresponding new banks after consultation with the Reserve Bank, and permits the Central Government, by Gazette notification following such consultation, to post any appointed whole time director to another corresponding new bank, with "corresponding new bank" defined by reference to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.
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