[17th
November 2022] 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)
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. "(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.".Nationalised
Banks (Management And Miscellaneous Provisions) Amendment Scheme, 2022
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:-