Section 17: Qualifications of Independent Director

While appointing an Independent Director of the bank or financial institution, appointment shall be made from amongst the persons having met the following qualifications and experience:-

(a) In the case of class “A” bank or national level class “B” development bank, having obtained at least a master’s degree in the subject as prescribed by the Rastra Bank and experiences as prescribed by the Rastra Bank,

(b) In the case of class “B” development bank and financial institution of class “C”, except the class “B” development bank of national level, having obtained at least a bachelor’s degree in the subject prescribed by the Rastra Bank and work experiences as prescribed by the Rastra Bank,

(c) In the case of microfinance institution of class” “D”, the person possessing the qualifications and experiences prescribed by the Rastra Bank.