The Reserve Bank of India (RBI) on Wednesday maintained that the age limit for chief executive officers (CEO) and managing directors (MD) of private banks won't be increased from the current 70 years, sources privy to the development told CNBC-TV18.

The development comes after reports said that RBI was planning to raise the age limit to 75 following Companies Act 2013. As per the act, the registered companies are allowed to appoint or keep CEOs over 70 by passing a special resolution.

With the RBI clarifying its stand, well-known names in the Indian banking sector including HDFC Bank MD Aditya Puri and IndusInd Bank CEO Romesh Sobti will have to retire after completing their current term and won’t be eligible for an extension. Puri and Sobti are set to retire in March and October 2020 respectively.

In 2014, RBI had raised the maximum age from 65 to 70 years for MD, CEO and whole time director in private banks.

First Published:May 22, 2019 8:23 PM IST