It should be ascertained whether the independent directors hold shares in the concerned bank, as well as whether they have had any interest with the bank at present or in the past.
No alternate director can be appointed for a maximum of three consecutive months in a year and a person with bank debt is ineligible to become an alternate director. Additionally, alternate directors holding office for more than three months have been asked to resign from their posts from June 2023.
The tenure of chairpersons of all committees in a bank will be a maximum of three years. Furthermore, not more than one person from a family can be a member of the Executive Committee of the Bank. Earlier, two people from one family could become members of the executive committee.
Out of the five members of the audit committee of the bank, at least two should be independent directors. One of the independent directors has to be the chairman of the committee. A member may hold the chair for a term of three years.