Indian govt raises initial term for bank directors to five years

MUMBAI (Reuters) - All whole-time directors, including managing directors, of state-run Indian banks will be allowed to hold office for an initial term of up to five years, versus three earlier, the government said in a gazette notification late on Thursday.

The government can consider a re-appointment and extend the term up to ten years, including the initial term, after consulting with the Reserve Bank of India, the release said.

The updated guidelines will come into effect from Nov. 17, the release added.

(Reporting by Swati Bhat; Editing by Savio D'Souza)