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.
This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Rajya Sabha today.
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