THE finance ministry is looking at separating the posts of chairman and managing director ( CMD) in public sector banks as part of the move to strengthen corporate governance in the wake of the scams that rocked
The Reserve Bank of
RBI had observed that since the CMD tends to dominate the Board, a separation of the posts would empower the Board.
Last week, Union finance minister
All public sector banks are headed by a CMD with the exception of the
RBI had set up a committee under the chairmanship of
Earlier this month, Syndicate Bank CMD S. K. Jain was arrested for allegedly receiving a bribe of ` 50 lakh to enhance credit limits of
The government has initiated a forensic audit into the scam.
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