Amendment in the Nationalised Banks Management and Miscellaneous Provisions Scheme 1970 and 1980.

Amendment in Nationalised Banks Management and Miscellaneous Provisions Scheme 1970 and 1980.

S.O. 5381(E).—In exercise of the powers conferred by section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), the Central Government, after consultation with the Reserve Bank, hereby makes the following scheme further to amend the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970, namely:—

1. Short title and commencement.—(1) This Scheme may be called the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022.
   (2) It shall come into force on the date of its publication in the Official Gazette.
   
2. In the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970, in paragraph 8, for sub-paragraph (1), the following sub-paragraph shall be substituted, namely:—
   “(1) A whole-time Director, including the Managing Director, shall devote his whole-time to the affairs of the nationalised bank and shall hold office for such initial term not exceeding five years and extendable up to a total period, including the initial term, not exceeding ten years, as the Central Government may, after consultation with the Reserve Bank, specify and shall be eligible for re-appointment.”.

Note: The principal Scheme was published in the Gazette of India, Part-II, section 3, sub-section (ii), vide notification number S.O. 3793, dated the 16th November, 1970, and was last amended vide number S.O. 3026(E), dated the 1st July, 2022.

S.O. 5382(E).—In exercise of the powers conferred by section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), the Central Government, after consultation with the Reserve Bank, hereby makes the following scheme further to amend the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1980, namely:—

1. Short title and commencement. —
   (1) This Scheme may be called the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022.
   (2) It shall come into force on the date of its publication in the Official Gazette.
   
2. In the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1980, in paragraph 8, for sub-paragraph (1), the following sub-paragraph shall be substituted, namely:—
   
   “(1) A whole-time Director, including the Managing Director, shall devote his whole-time to the affairs of the nationalised bank and shall hold office for such initial term not exceeding five years and extendable up to a total period, including the initial term, not exceeding ten years, as the Central Government may, after consultation with the Reserve Bank, specify and shall be eligible for re-appointment.”.

Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part-II, Section 3, SubSection (ii) vide notification number S.O.875 (E), the dated 4th November, 1980, and was last amended vide number S.O. 3027(E), dated the 1st July, 2022.

Notification

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