According to the Banking Regulation Act, a bank cannot be managed by any person who is a director of any other company. He can be granted a temporary exception for three months or nine months with the approval of the RBI.
Speaking at CII's Banking Colloquium, Anand said, "I think there is certainly a dearth of talent, and especially given the vibrant start-up community that we have, you know, technology talent continues to be and will continue to be scarce."
Growingly, it is looking like banks are evolving as the fintech companies, which also do the business of accepting deposits and do lending, Mundra said while speaking at the 14th edition of the Banking Colloquium, organised by CII.
"By several years, the Western countries have been talking about open banking. I think the account aggregator is a first step the banking industry in India is going to grapple with that," Setty said while speaking at the 14th edition of the Banking Colloquium, organised by CII on Tuesday.
The central bank took note of the sluggish credit growth to the industrial sector since 2014-15, which has also led to a moderation in the overall credit growth.
Some cases understood to be under consideration for transfer to the NARCL list are already undergoing insolvency proceedings such as Amtek Auto, Castex Technologies, JP Infra, Videocon Oil Ventures and Lavasa Corporation.
The linkage will enable users of each payment system to make instant, low-cost fund transfers on a reciprocal basis without getting on board the other system, the Indian central bank said.
LIve Fintech News
