The Centre has revamped the procedure for appointment of non-official directors (NODs) on the Boards of public sector banks, insurance companies and financial institutions.

This has been done with a view to professionalise the Boards of these banks and further provide requires skill sets to improve the quality of deliberations on the Boards of these banks, an official release said.

Besides creating a dedicated web portal— http://financialservices.gov.in/nod —where interested persons can apply online, the revamped procedure also provides for setting up of a high level search committee.

This committee will go through the available applications and would recommend names to the government for approval.

The applicant should have at least a graduation degree, should be less than 67 years of age and have 20 years of work experience, in following categories:

* Persons of eminence with special academic training or practical experience in the fields of agriculture, rural economy, banking, cooperation, economics, business management, human resources, finance, corporate law, Risk Management, Industry and IT will ordinarily be considered.

* Retired Senior Government Officials, Academicians, Directors of premier Management, Banking Institutes, professors with 20 years experience would be considered. Chartered Accountants with 20 years experience would also be considered.

* NoDs could be appointed for maximum six years or two terms.

Srivats.kr@thehindu.co.in

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