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RBI sets 70 years as upper age limit for MD, CEO of private banks

The Reserve Bank of India on September 9th decided to fix the maximum age for Managing Directors and Chief Executive Officers in private sector banks at 70. RBI said in the light of the provisions of the Companies Act, 2013, the upper age limit for Managing Director & Chief Executive Officer (MD & CEO) and other Whole Time Directors (WTDs) of banks in the private sector should be 70 years. 
                Within the overall limit of 70 years, individual bank’s boards are free to prescribe a lower retirement age for WTDs, including MD & CEO, as an internal policy. RBI said the Companies Act, 2013 prescribes 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''. More than a month ago Sobti had said RBI was working on a policy to decide the age bar of private bank CEO. He also said that the regulator was going to offer clarity on this subject. 
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