Compensation Committees of the board could be set up for the purpose. Nomination Committees to assess the effectiveness of the board and direct the process of renewing and replacing board members are desirable. Disclosures in respect of committees of the board and qualifications of the directors, incentive structure and the nature and extent of transactions with affiliated and related parties need to be encouraged.
In order to ensure smooth roll out of the Government’s Direct Benefit Transfer (DBT) initiative, banks have been advised to open accounts of all eligible individuals and to seed the existing and new accounts with Aadhaar numbers. Financial Literacy – We have realized that Financial Literacy is an important adjunct for promoting financial inclusion.