Limit on whole-time director appointments: central government appoints after consultation with Reserve Bank and may post directors. The amendment substitutes clause (a) of section 9(3) to provide that not more than five whole-time directors shall be appointed by the Central Government after consultation with the Reserve Bank, and that the Central Government may, after such consultation and by notification in the Official Gazette, post any appointed whole-time director to a corresponding new bank; 'corresponding new bank' is explained by reference to clause (d) of section 2 of the 1970 Act.
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Limit on whole-time director appointments: central government appoints after consultation with Reserve Bank and may post directors.
The amendment substitutes clause (a) of section 9(3) to provide that not more than five whole-time directors shall be appointed by the Central Government after consultation with the Reserve Bank, and that the Central Government may, after such consultation and by notification in the Official Gazette, post any appointed whole-time director to a corresponding new bank; "corresponding new bank" is explained by reference to clause (d) of section 2 of the 1970 Act.
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