Union Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha that compliance with the relevant provisions of the Banking Regulation Act, 1949, including Section 10A (sub-section 2a (i)), is being undertaken by the Reserve Bank of India (RBI) through coordination with state governments and is monitored via both off-site and on-site surveillance mechanisms.
He stated that as per the amendment in Section 10A (sub-section 2a (i)) of the BR Act, the maximum continuous tenure of directors of cooperative banks, excluding the Chairperson and Whole-time Directors, has been extended from 8 to 10 years. This provision has come into effect from 1st August 2025.
As informed by NABARD, there are 18 directors, including one Chairperson/Whole-time Director, who are holding their positions for more than 10 years in Ahmedabad District Co-operative Bank Ltd.