On 01-04-2015, the Government of India amended the procedure for appointment of Non Official Directors (NODs) on the Boards of Public Sector Banks, Insurance Companies and Financial Institutions. The objective of the amendment is to professionalise the Boards and provide required skill sets to improve the quality of deliberations on the Boards of these banks, companies and institutions leading to efficient management and better profitability ratios.
The amended procedure provides that the interested persons can apply online with all relevant details through a designated Web Portal (http://financialservices.gov.in/nod ). Thereafter, a High Level Search Committee will go through the available applications and would recommend names to the Government for approval. The eligibility criteria to apply for the Non Official Directors (NODs) on the Boards is that 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.
- Retired Senior Government Officials, Academicians, Directors of premier Management, Banking Institutes, Professors or Chartered Accountants.
-Ministry of Finance