Home › Circulars › RBI/2007-08/360

Revised Board Review Calendar for Private Banks

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2007-08/360 · issued 09 Jun 2008 · ~1 min read
Quick answerPrivate sector banks must adopt the same revised calendar of reviews for Board, Management Committee, and Audit Committee as public sector banks, effective July 1, 2008. This supersedes the 2005 circular.

What changed

RBI extended the revised review calendar (originally for public sector banks via circular DBOD.No.BP.BC.71/21.03.038/2007-08 dated April 22, 2008) to private sector banks. Banks without a Management Committee must place those reviews before the Board. The earlier 2005 circular on this subject is superseded.

What it means for you

Private banks must align their governance review schedules with the new minimum requirements set by RBI. Boards retain discretion to add more reviews. This ensures consistent oversight across all scheduled commercial banks.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Who it affects

All private sector banks, Board of Directors, Management Committee, Audit Committee, Compliance and governance teams

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What if my private bank doesn't have a Management Committee?

Reviews listed in Annexure II of the April 22, 2008 circular must be placed before the Board of Directors instead.

Does this circular apply to foreign banks operating in India?

The circular specifically addresses private sector banks. Foreign banks may need to check if similar requirements apply via other RBI instructions.

Can our Board add more reviews beyond the minimum?

Yes, the circular explicitly states that the calendar outlines critical minimum requirements, and Boards have discretion to prescribe additional reviews.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #2230: DBOD.No.PSBD.BC.93/16.13.100/2007-08 — "Calendar of Reviews - Matters to be Placed Before Board of Directors, Management Committee and Audit Committee" dated ”
📜 Read the original circular — full text as issued by RBI
RBI/2007-08/360 DBOD.No.PSBD.BC. 93/16.13.100/2007-08 June 9, 2008 The Chief Executives of All Private Sector Banks Dear Sir, Calendar of Reviews - Matters to be Placed Before Board of Directors, Management Committee and Audit Committee Please refer to our circular DBOD.No.BP.BC. 71/21.03.038/2007-08 dated April 22, 2008 (copy enclosed), addressed by us to the Chief Executives of public sector banks indicating a revised list of reviews to be placed before the Board of Directors, the Management Committee and the Audit Committee of banks respectively. 2.  We advise that the private sector banks may also adhere to the aforesaid calendar of reviews to the extent applicable. 3. In case there is no Management Committee in your bank, the reviews on the matters enumerated in Annexure II of the circular DBOD.No.BP.BC. 71/21.03.038/2007-08 dated April 22, 2008 may be placed before the Board of Directors of the bank. It is emphasised that the above calendar outlines the critical minimum requirements of review and the banks' Boards will have discretion to prescribe additional reviews to suit their requirements. 4.  The revised schedule may please be brought into force with effect from July 1, 2008. 5. This supersedes our circular DBOD.No.PSBD.BC.19/16.13.100/2005-06  dated July 22, 2005 on the subject.  Yours faithfully,  (Murli Radhakrishnan) General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-08/360 · issued 09 Jun 2008. The plain-English explanation above is BankPulse’s own independent summary.
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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4229&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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