Mumbai : The Reserve Bank of India on Tuesday raised the age limit for chiefexecutive officers and managing directors at private sector banks to 70 yearsfrom 65 years earlier, reports Cogencies.
The RBI also set the age limit for whole time directors of private banksat 70 years. However, the central bank has given individual banks the freedomto set the retirement age, but within 70 years.Post the announcement, shares of HDFC Bank and IndusInd Bank recovered asthe retirement of HDFC Bank MD Aditya Puri and IndusInd Bank MD Romesh Sobtiis in the offing in the next one year.Today, shares of HDFC Bank ended at 865.60 rupees on the National StockExchange, up 0.1% from its previous close, while those of IndusInd Bank ended2.1% higher at 633.65 rupees.
