Wednesday, February 1, 2017

Sunday, January 29, 2017

Banks Board Bureau (BBB)

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 chairman3 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.

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