
The minimum age of a person should not be less than 35 years and not more than 70 years any time during the tenure. Issuing the guidelines for appointment of MDs and WTDs, the RBI said MPs, MLAs and representatives of municipal corporations will not be eligible to hold such positions in the primary urban cooperative banks (UCBs).
The Reserve Bank of India has set the rules for appointing the managing director and whole-time director in urban co-operative banks and barred MPs and MLAs from these posts. Under Sections 10, 10B, 10BB, 35A, 35B, 36AA and 53A (read with Section 56) of the Banking Regulation Act, 1949 (as amended), hereinafter called as “Act”, relating to appointment, re-appointment, termination and removal of Managing Director (MD) and Whole-Time Director (WTD), the Reserve Bank has set the eligibility criteria. It further said, the person shall be a graduate, preferably, with
(a) Qualification in banking/co-operative banking such as CAIIB/Diploma in Banking and Finance /Diploma in Co-operative Business Management or equivalent qualification; or
(b) Chartered/Cost Accountant/MBA (Finance); or
(c) Post graduation in any discipline.
- The person shall not be below the age of 35 years and above the age of 70 years at any time during his/her term in office. However, within the overall limit of 70 years, as part of their internal policy, individual s Boards are free to prescribe a lower retirement age.
- The person shall have a combined experience of at least eight years at the middle/senior management level in the banking sector (including the experience gained in the concerned UCB) or non-banking finance companies engaged in lending (loan companies) and asset financing.
- Knowledge of regional language may be considered as an advantage.