The Reserve Bank of India on Tuesday 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 in a circular.
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''.