The directions limiting directors to serve only nine years attracted a storm of protest from the industry.
The central bank said in addition to the chief executive officer executive directors would also be permitted to function as directors for more than nine years.
The central bank said applications to increase the tenure of directors would be permitted on a case by case by the Monetary Board for up to five years.
"It is envisaged that these amendments would enhance the smooth transition within the boards of directors of banks in complying with the new Directions, which are expected to enhance the corporate governance practices in banks, thereby promoting a safe, sound and stable banking