If a director's "Deed of Covenant" is breached, the Board must report it to:

Solution

Any breach of covenant must be reported to the regulator (RBI) immediately. "Deeds of Covenant" are mandatory documents executed by directors (specifically independent and non-executive directors) of banks and NBFCs, and issued as guidelines by the Reserve Bank of India (RBI). These covenants are part of the "fit and proper" criteria enforced by the RBI to regulate the financial system, and any breach of these covenants must be addressed within the governance framework prescribed by the RB