RBI Gov calls for stronger boards at state-run lenders
MUMBAI (Reuters) - The Reserve Bank of India Governor Raghuram Rajan said the boards at domestic public sector banks needed to be strengthened while the incentive structure for chief executives of these lenders need to be improved to enhance corporate governance.
Rajan, in an interview to ET Now television, also said salaries of public sector bank executives needed to be revised to bring them at par with salaries of executives at privately-owned lenders.
"We have to draw in people from the private sector who want to give back themselves, and in that way you will get talent into these public sector enterprises," Rajan told ET Now.
The comments come after police arrested the chairman of mid-sized state-run lender Syndicate Bank Ltd (SBNK.NS) late on Saturday over allegations of taking bribes to grant loan extensions to a company.
(Reporting by Neha Dasgupta and Himank Sharma; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
- Alibaba surges 38 pct on massive demand in market debut
- Eight bodies found after attack on Guinea Ebola education team
- UPDATE 3-Ebola lockdown brings Sierra Leone capital to a halt
- Kurdish leader urges world to protect Syrian town from Islamic State
- UPDATE 9-Scots spurn independence in historic vote, devolution battle begins
India has capped the prices of 36 drugs, including those used to treat infections and diabetes, in its latest move to make essential medicines more affordable, a senior official of the country's drug pricing authority told Reuters on Friday. Full Article
Top rice exporter India importing over 100,000 T on temporary supply squeeze. Full Article