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DBOD.No.BC.54/08.95.004/98 June 10, 1998 The Chief Executives of all Dear Sir, Section 35B of the banking
Regulation Act 1949 - Sitting fees payable to the directors/Travelling and
Halting Allowance payable to the Chairmen and Chief Executive Officers/Managing
Directors/Directors We have been receiving requests
from banks seeking revision in the sitting fees payable to their directors.
It has been decided that banks may henceforth fix the sitting fees payable to
the directors of the bank with the approval of their Board subject to
compliance with the provisions of the Companies Act 1956, as well as the
Travelling and Halting Allowance payable to the Chairman and Chief Executive
Officer/Managing Director and other directors. 2. Banks need not henceforth
approach us for approval under Section 35B of the Banking Regulation Act,
1949 in this Yours faithfully |
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(Smt. Chitra
Chandramouliswaran) General Manager |
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