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Appointment of whole-time directors by Central Government after consultation with Reserve Bank; postings to corresponding new banks permitted. The amendment substitutes clause (a) of section 9(3) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 to allow the Central Government, after consultation with the Reserve Bank, to appoint not more than five whole-time directors. It further permits the Central Government, by notification in the Official Gazette and after consultation with the Reserve Bank, to post any such appointed whole-time director to any corresponding new bank, with 'corresponding new bank' defined to include the meaning in clause (b) of section 2 of the 1980 Act.
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<h1>Appointment of whole-time directors by Central Government after consultation with Reserve Bank; postings to corresponding new banks permitted.</h1> The amendment substitutes clause (a) of section 9(3) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 to allow the Central Government, after consultation with the Reserve Bank, to appoint not more than five whole-time directors. It further permits the Central Government, by notification in the Official Gazette and after consultation with the Reserve Bank, to post any such appointed whole-time director to any corresponding new bank, with 'corresponding new bank' defined to include the meaning in clause (b) of section 2 of the 1980 Act.
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