POWERS & FUNCTIONS OF DIRECTORS IN A BANKING COMPANY
POWERS & FUNCTIONS OF DIRECTORS IN A BANKING COMPANY A ‘Director’ is an elected individual who, along with other Directors, is responsible for a Bank’s policy and other fields. Collectively, the Directors form the Board of Directors. It can be said that in a Company, a Director is a hired person who is in charge of managing its business. Primarily, the Directors aim to look out for the wellbeing of the Bank and promote success for the benefit of its members, depositors, shareholders and other creditors. For this reason, the Directors are bestowed with various powers over any part or whole of the Banking Companies and they are liable to perform certain functions in accordance to the power given to them. In Indian Banking System, before 1949, the provisions of Part XA of the Indian Companies Act, 1913 (as amended in 1936) governed the banking companies in India. Therefore, the Directors of these Banking Companies were also used to be governed by these provisions. However, th