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The Reserve Bank of India has deferred the implementation of guidelines on compensation for whole-time directors/chief executive officers/risk-takers and control function staff of private sector banks and foreign banks operating in India by a year, to 2012-13.
This was done to give banks sufficient time to formulate their policies, according to an RBI statement.
Draft guidelines
In July 2010, the RBI had issued draft guidelines on compensation for whole-time directors/chief executive officers/risk-takers and control function staff of private sector banks and foreign banks operating in India.
The Reserve Bank has asked banks to refer to the Basel Committee on Banking Supervision (BCBS) consultative document on Methodologies for Risk and Performance Alignment of Remuneration and start preparatory work. The central bank would issue the final guidelines on compensation after the publication of the final paper by the BCBS.
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