chief executive officers

Reserve Bank of India (RBI) has not directed the banks to reduce pay of their top management, if their performance is poor. However, RBI has issued draft guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Risk Takers and control function staff for all banks in private sector and Local Area Banks and all Foreign Banks operating in India for public comments in line with Financial Stability Board’s principles on sound compensation practices. Full Article

The Financial Action Task Force (FATF) has issued a further Statement on October 16, 2009 on the subject (copy enclosed). UCBs are accordingly advised to take into account risks arising from the deficiencies in AML / CFT regime of Iran, Uzbekistan, Pakistan, Turkmenistan and Sao Tome and Principe. Full Article

The Reserve Bank of India, citing its powers as banking regulator, has put on hold the salaries of Chief Executive Officers of three private sector banks, ING Vysya Bank, Axis Bank and Development Credit Bank, arguing that these are inflated and not in sync with the market. Incidentally, all three banks have recently hired CEOs [...] Full Article

RESERVE BANK OF INDIA Department of Banking Operations and Development,Central Office, 12th floor, Shahid Bhagat Singh Marg,Mumbai – 400001- Tel No: 91-22-22661602 Fax No: 91-22-22705691/22705693 Email ID:cgmicdbodco@rbi.org.in RBI/2008-2009/379 DBOD.No. BP.BC.110/08.12.001/2008-09 February 10, 2009 The Chairman & Managing Directors / Chief Executive Officers of All Scheduled Commercial Banks (Excluding RRBs and LABs) Dear Sir, Lending under [...] Full Article