This increase applies to private banks, small finance banks, payment banks, and wholly owned subsidiaries of foreign banks.

 The RBI made this revision in recognition of the important role that non-executive directors play in the efficient functioning of bank boards and their committees.

 The aim is to attract qualified individuals to serve on the boards of these banks. 

The banks must have criteria in place for determining fixed remuneration for non-executive directors, with the approval of the board. 

The board may choose to set a lower amount within the maximum limit based on factors such as the size of the bank and the experience of the directors.

 Private banks must also obtain regulatory approval for the remuneration of part-time chairmen.

 Banks are required to disclose the remuneration paid to directors annually in their financial statements.

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