RBI to soon issue new salary norms for private, foreign bank heads

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Updated: August 29, 2019 10:45:40 PM

The Reserve Bank will soon issue revised salary norms for top officials of foreign and private sector banks.

RBI had reviewed these compensation norms and released a discussion paper in February 2019, seeking comments from the stakeholders

The Reserve Bank will soon issue revised salary norms for top officials of foreign and private sector banks. The apex banks had in 2012 issued guidelines for compensation of chief executives, whole-time directors, and control function staff of private sector and foreign banks. However, with the evolving international best practices and past experiences, the RBI had reviewed these compensation norms and released a discussion paper in February 2019, seeking comments from the stakeholders.

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“The comments received are under examination and the revised guidelines will be issued shortly,” RBI said in the annual report 2019 released Thursday. To align the current regulatory framework with global best practices, the RBI said, it will also issue the draft guidelines on corporate governance at banks. The guidelines on minimum balance requirements for savings bank accounts and penalty for non-maintenance will also be reviewed, the central bank said.

The monetary authority will also come out with a revised standardised approach for calculating minimum capital requirement for operational risks and draft revised guidelines on credit risks. The RBI is also in the process of finalising the regulatory for securitisation and interest rate risk for banks.

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