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Our Bureau

Mumbai , June 14

Commercial banks will now be able to appoint head of treasury or international division and dealers from outside the industry without approval from the Reserve Bank of India.

In a notification issued today, RBI dispensed with its order passed in 1996, which said that banks had to obtain prior permission from it for appointment to these posts.

However, bank boards should be fully satisfied with the credentials of the appointees before posting, the apex banks said.

"Banks are advised to put in place a rigorous due diligence process to ensure the `fit and proper' status of the applicants before appointment to the above posts," the release said.

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