RBI increases ceiling on fees payable to non-executive directors of banks to Rs 30 lakh per year

New Delhi, Feb 12, 2024, By Our Correspondent

The RBI has increased the ceiling on fees payable to non-executive directors of banks to 30 lakh rupees per year from the existing level of 20 Lakh rupees.

The revision comes two years after RBI came out with new guidelines for directors as a part of corporate governance, where it capped the remuneration for non-executive directors, excluding the chair of the board.

RBI said that it revised the celling in recognition of the vital role of non-executive operation of bank boards and their various committees.