Section 10BB(3) in The Banking Regulation Act, 1949
(3)The [chairman of the Board of directors appointed on a whole-time basis or a managing director] [Substituted by Act 20 of 1994, Section 3, for " chairman" (w.e.f. 31.1.1994).] so appointed by the Reserve Bank shall draw from the banking company such pay and allowances as the Reserve Bank may determine and may be removed from office only by the Reserve Bank.
