The central bank has revised regulations for appointing independent directors in banks. A Bachelor’s or Master’s degree in specific subjects is generally required, but this requirement is relaxed for former bank chief executives and professional accountants. The new rules allow managing directors, chief executive officers, and chartered or cost management accountants to qualify as independent directors regardless of their degree subject. Additionally, faculty from business education, business administration, law, and IT, experienced teachers, legal professionals, seasoned bankers, and officers from various government ministries are given priority for these roles. For digital banks, institutional or professional education in information technology is considered an additional qualification for independent directors. These updates modify two paragraphs of a February 14 notification regarding the responsibilities and remuneration of independent directors, with all other instructions remaining unchanged.
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