A RBI committee has come out strongly against the central bank's rule which states that banks must list on the stock exchanges within three years. According to the PJ Nayak Committee, this clause may be detrimental to the interests of minority shareholders. The committee formed to review Governance of Boards of Banks in India submitted its report to the RBI on Tuesday. The report says three years is a short time to gauge whether a bank has the management skills to create a value proposition, while factors such as market interest in the stock and determining the future financial trajectory are also difficult. The report suggests that the time of listing should be entirely at the discretion of the bank management and not subject to any regulatory pressure. The 2013 guidelines of the Reserve Bank of India require banks to list on the stock exchanges to meet the objective of broad-basing the shareholding structure.