News > RBI Orders Urban Co-op Banks To Do Away With Honorary Positions Within 1 Year
RBI Orders Urban Co-op Banks To Do Away With Honorary Positions Within 1 Year
BusinessWorld | 22/04/2022 08:35 AM | Click to read full article
The Reserve Bank on Thursday asked Urban Cooperative Banks (UCBs) not to create any honorary position or title such as Chairman Emeritus and Group Chairman at the board level as it results in the creation of a shadow authority.
The RBI has directed these banks to eliminate such positions within one year.