RBI by way of a Circular issued on October 25, 2023 instructed all private sector banks and wholly-owned subsidiaries of foreign banks (excluding payment banks and local area banks) to ensure, within the prescribed timeframe, the presence of at least two whole time directors (‘WTDs’), including the MD & CEO, on their boards to establish an effective senior management team in the banks to navigate ongoing and emerging challenges in handling both current and future difficulties and to aid in succession planning. The RBI provided flexibility to the boards of the banks in determining the number of WTDs after considering the number of operations, business complexity, and other relevant aspects.