We place the utmost importance on compliance and adherence to Corporate Governance principles. The bank ensures a clear distinction between the 1st, 2nd , and 3rd lines of defence, with independent departments under the 2nd line, such as Risk, Compliance, and Vigilance, reporting to the Board Committee without any business targets. The Internal Audit Department, serving as the 3rd line of defence, provides independent assurance to the Management and Board on risk management, governance, and internal control processes, reporting to the Audit Committee of the Board.
We have implemented all mandatory and necessary policies to promote transparent and efficient functioning, supported by a robust governance structure through the Board of Directors, Board and Management Committees. We firmly believe that the Board and Board Committees are the pillars of Corporate Governance and ensure that a majority of the Directors are Independent Directors with diverse and rich expertise in areas such as Banking, Finance, IT, Risk, Law, and Financial Inclusion. This composition of the board with independent directors from various backgrounds reinforces the commitment to upholding Corporate Governance standards.
We have established all mandatory Board Committees as prescribed under the Companies Act 2013, SEBI LODR 2015, and RBI guidelines. These committees include the Audit Committee, Risk Management Committee, Nomination and Remuneration Committee, Shareholder Relationship Committee, Customer Service Committee, Fraud Committee (Special Committee of the Board for Monitoring High-Value Frauds), Corporate and Social Responsibility Committee, Committee of Directors, and more.
We have developed and implemented a comprehensive Code of Conduct applicable to all employees, including Directors, to ensure ethical behaviour. Additionally, an Insider Trading Policy has been put in place to prohibit insider trading. We recognise our role as responsible corporate citizens and strive to adopt the best practices while maintaining the highest standards of Corporate Governance. Transparency in business operations, ethical conduct, and accountability to shareholders, customers, the Government, and all stakeholders remain top priorities for our Bank.