Policy ID: PCI/POL/22/2026-27 • Version 1.0 Owner: Company Secretary / NRC • Approver: Board of Directors Sources: GOV, REG • Review: Annual / regulatory change
Purpose and application
All director appointments and continuing eligibility; mandatory RBI details apply by layer.
1. Due diligence:- Before appointment, assess qualifications, experience, integrity, financial soundness, disqualification, litigation, regulatory sanctions and conflicts. Obtain declarations and verify independently using lawful sources. Do not rely solely on a personal recommendation.
2. Review and approval:- NRC or designated independent reviewers shall assess suitability and recommend to the Board. Record reasons and obtain Companies Act approvals/filings. Where mandatory, execute the RBI-format deed of covenant and meet reporting requirements.
3. Ongoing declarations:- Obtain annual declarations and immediate notification of material changes. Check continued eligibility, outside appointments, independence and conflicts. Place adverse findings before NRC/Board and consider restrictions/removal under law.
4. Succession and competence:- Maintain a Board skills matrix covering finance, lending, risk, compliance and technology. Arrange induction and ongoing training. Monitor vacancies and prepare a succession plan without treating recruitment as a substitute for due diligence.
5. Records and review:- Maintain confidential diligence files, decisions, covenants and statutory returns. Compliance shall monitor prescribed RBI fit-and-proper submissions and approvals for changes in control/management. Board shall review the policy annually.
Source codes are linked to the Reference Register. Read with the common implementation controls and relevant annexes. Applicable law and RBI Directions prevail.