The Reserve Bank of India has prescribed certain qualification requirements for Managing Directors and whole time Directors at Urban Cooperative Banks.
Accordingly to a release from the RBI the following would now apply.
The person shall be a graduate, preferably, with:
(a) Qualification in banking/ co-operative banking such as CAIIB/Diploma in Banking and Finance / Diploma in Co-operative Business Management or equivalent qualification; or
(b) Chartered / Cost Accountant / MBA (Finance); or
(c) Post graduation in any discipline.
3.4.2 The person shall not be below the age of 35 years and above the age of 70 years at any time during his/ her term in office. However, within the overall limit of 70 years, as part of their internal policy, individual bank's Boards are free to prescribe a lower retirement age.
3.4.3 The person shall have a combined experience of at least eight years at the middle / senior management level in the banking sector (including the experience gained in the concerned UCB) or non-banking finance companies engaged in lending (loan companies) and asset financing.
3.4.4 Knowledge of regional language may be considered as an advantage.
3.5.1 The person shall not:
(i) be engaged in any other business or vocation;
(ii) be holding the position of a Member of Parliament or State Legislature or Municipal Corporation or Municipality or other local bodies;
(iii) be a director of any company other than a company registered under section 8 of the Companies Act, 2013;
(iv) be a partner of any firm which carries on any trade, business or industry;
(v) have substantial interest in any company or firm as defined in Section 5(ne) read with section 56 of the Banking Regulations Act, 1949;
(vi) be a Director, Manager, Managing Agent, partner or proprietor of any trading, commercial or industrial concern;
(vii) be of unsound mind and stands so declared by a competent court;
(viii) be an undischarged insolvent;
(ix) be convicted by a criminal court of an offence involving moral turpitude;
(x) be a director of any other co-operative bank or a co-operative credit society.
This is just the partial requirements, a more exhaustive requirement is available on the RBI website.