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ARC Director/MD/CEO Appointment: New RBI Approval Form

Current · Source: Reserve Bank of India · RBI/2023-24/127 · issued 27 Feb 2024 · ~1 min read
Quick answerRBI has mandated a standard application form and document checklist for ARCs seeking prior approval for appointing or reappointing directors, MDs, or CEOs. Applications must be submitted at least 90 days before the vacancy or proposed date.
The rule, in the simplest words
How it plays out — a real example

Rahul, a credit & lending officer in Indore, assists the ARC in preparing and submitting the application for their new Managing Director. He ensures that the application is complete, signed, and submitted to the RBI's Department of Regulation at least 90 days before the proposed appointment date. This helps the RBI review the application smoothly and reduces the risk of delays in the appointment process. A credit & lending officer in Indore helps an ARC submit a complete application for a new MD.

What changed

RBI introduced a uniform application form (Annex I) and an indicative document checklist (Annex II) for ARC appointments/reappointments of directors, MDs, or CEOs. Previously, no standardized format existed. The 90-day advance submission requirement remains unchanged from earlier guidelines.

What it means for you

ARCs must now follow a standardized process, reducing ambiguity in approval applications. This streamlines RBI's review but requires ARCs to maintain updated candidate documentation. Non-compliance could delay appointments, impacting board continuity and resolution timelines.

What you must do

Who it affects

Asset Reconstruction Companies (ARCs), Directors, Managing Directors, and CEOs of ARCs, RBI's Department of Regulation

❓ Common questions

What is the deadline for submitting the application?

Applications must be submitted at least 90 days before the vacancy arises or the proposed date of appointment or re-appointment.

Where should ARCs send the application?

The application, along with Annex I and Annex II documents, should be sent to the Department of Regulation, Central Office, Mumbai, at the address or email provided in the circular.

Does this circular change the requirement for prior RBI approval?

No, the requirement for prior approval remains unchanged. This circular only standardizes the application format and document checklist.

📜 Read the original circular — full text as issued by RBI
RBI/2023-24/127 DOR.GOV.REC.79/18.10.006/2023-24 February 27, 2024 All Asset Reconstruction Companies Dear Sir / Madam Appointment/re-appointment of Director, Managing Director or Chief Executive Officer in Asset Reconstruction Companies In terms of Section 3(6) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the guidelines contained in Para 5(i) of the Annex to our circular No. DoR.SIG.FIN.REC.75/26.03.001/2022-23 dated October 11, 2022 on ‘Review of Regulatory Framework for Asset Reconstruction Companies (ARCs)’, ARCs are required to obtain prior approval of the Reserve Bank for appointment/re-appointment of any Director, Managing Director or Chief Executive Officer. 2. In order to have uniformity in the information submitted by ARCs for obtaining such approvals, a form for furnishing the requisite information about the candidate and an indicative list of documents required to be submitted along with the application are enclosed as Annex I and Annex II , respectively. ARCs are advised to submit applications, complete in all respect, along with duly signed Annex I and the documents/information mentioned in Annex II to this Department 1 at least ninety days before the vacancy arises / the proposed date of appointment or re-appointment. Reserve Bank may call for additional information/documents for processing the application, if required. 3. These instructions shall come into force with immediate effect. Yours faithfully (Scenta Joy) Chief General Manager 1 At the address / email ID mentioned below. Department of Regulation, Central Office, Central Office Building, 12/13th floor, Shahid Bhagat Singh Marg, Fort, Mumbai-400001 Tel: 22661602 / 22601000 Email: [email protected]
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2023-24/127 · issued 27 Feb 2024. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Use the new Annex I form for all director/MD/CEO appointment or reappointment applications.
  • Submit complete applications at least 90 days before the vacancy arises or the proposed appointment date.
  • Ensure the application is signed and sent to the specified RBI address or email.
📜 Compliance
  • Compile the documents listed in Annex II before submitting to the Department of Regulation.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (Asset Reconstruction Companies (ARCs), Directors, Managing Directors, and CEOs of ARCs, RBI's Department of Regulation), your first concrete step on “ARC Director/MD/CEO Appointment: New RBI Approval Form” is: “Use the new Annex I form for all director/MD/CEO appointment or reappointment applications.” (RBI issued this 27 Feb 2024).

  1. Circular: RBI/2023-24/127 -- ARC Director/MD/CEO Appointment: New RBI Approval Form
  2. Issued: 27 Feb 2024
  3. Action required: Use the new Annex I form for all director/MD/CEO appointment or reappointment applications.
  4. Action required: Compile the documents listed in Annex II before submitting to the Department of Regulation.
  5. Action required: Submit complete applications at least 90 days before the vacancy arises or the proposed appointment date.
  6. Action required: Ensure the application is signed and sent to the specified RBI address or email.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12614&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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