MANU/DBOD/0040/2002

Ministry : Reserve Bank of India

Department / Board :Department of Banking Operations and Development

Notification No : DBOD No BC 116/08.139.001/2001-02

Date : 20.06.2002

Referred IN

The Chairman & Managing Directors / Managing Directors

of all scheduled commercial banks (excluding foreign banks,

regional rural banks and local area banks)

Report of the Consultative Group of Directors of Banks / Financial Institutions (Dr. Ganguly Group) - Implementation of recommendations

The Consultative Group of Directors of banks and FIs set up by Reserve Bank of India to review the supervisory role of Boards had submitted its report in April 2002 and the same was put in our website (www.rbi.org.in) for wider dissemination and comments from banks and other experts (A copy of the report is enclosed for ready reference).

We have examined the recommendations of the Group. In view of the importance of the recommendations made by the Group for effective functioning of banks, we would request you to place the Report as well as the list of recommendations enclosed as Annexure before the Board of Directors of your bank. Based on the decision taken by the Board, these recommendations can be adopted and implemented in your bank.

Incidentally, certain recommendations of the Group require the approval of the Government or legislative amendments and hence they have been referred to Government for consideration.

You may please keep us informed of the action taken by you in this regard.

2. Please acknowledge receipt.

Yours faithfully,

(C.R. Muralidharan)