With a view to improve the Governance of Public Sector Banks (PSBs), the government had decided to set up an autonomous - Banks Board Bureau (BBB).
Functions of BBB -
- It will recommend for selection of heads of PSBs (full-time Directors, as well as Non-Executive Chairman, etc.) and Financial Institutions.
Therefore, existing Appointments Board (led by RBI governor), which made top level appointments at PSBs, will cease to exist.
- It will help banks in developing strategies (e.g., mergers) and capital raising plans (dealing NPA,etc.)
Board members -
It will have a chairman, 3 ex-officio members and 3 expert members. All the members and chairman will be part time.
- Chairman - Shri Vinod Rai (Former CAG of India)
- 3 Ex-officio members - Secretary of Dept. of Financial Services, Secretary of Public Enterprises and Deputy Governor of RBI
- 3 expert members - Shri Anil K. Khandelwal (former CMD of Bank of Baroda), Shri H.N. Sinor (Former Joint MD of ICICI), and Ms. Rupa Kudwa (Former MD & CEO of CRISIL)
9 EDs recommended by BBB -
BBB on Sep 2016, recommended 9 candidates for the post of Executive Directors (EDs) in various Public Sector Banks (PSB) to the government.
The selected officers are -
- Fareed Ahmed
- Mrinal Kanti Bhattacharya
- Atanu Kumar Das
- P Ramana Murthy
- Damodharan Neelam
- Ashok Kumar Pradhan
- A C Rout
- S Hari Sankar
- Swaminathan K
The government will subject the recommended candidates to the necessary due diligence process before it makes the final decision on appointments.