RBI issues final guidelines on bank compensation

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The Reserve Bank of India (RBI) on January 13 published final guidelines on the remuneration procedures for senior directors for private-sector and foreign banks.

The guidelines call for private banks to formulate and adopt a comprehensive compensation policy covering all their employees. It said the policy should cover all aspects of the compensation structure such as fixed pay, perquisites, bonuses, guaranteed pay, severance packages, shares, pension plans and other privileges. The process of

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