Regulator RBI’s governance circular has private banks and their CEOs in a spin. The RBI believes boards and its committees get over-awed by long-standing CEOs. They stop asking tough questions from the CEO. Hence, their tenure must be limited. Importantly, as long as they are CEOs, their powers must have oversight of independent committees. CEOs see in this a great conspiracy to undermine their authority. But they are in a losing battle. In a fight with the boss, there can only be one winner—the boss. But this tussle comes at an inopportune moment. Bank CEOs are on tenterhooks over RBI’s governance code at a time when banks are hit by worsening asset quality due to the pandemic. By 2023, almost all long-term private bank chiefs will be forced to bid adieu. Lack of visibility over tenures has caused embarrassment to incumbents and boards even as big institutional investors seek clarity on succession plans. Our cover story this issue takes you inside this silent battle—and its implications.  Our special issue package this month focusses on sustainability, an area that is pregnant with excitement after India’s two richest men Mukesh Ambani and Gautam Adani have announced massive multi-billion dollar investments in green projects.