The term of the earlier BBB chief Vinod Rai, former Comptroller and Auditor General (CAG), had ended on March 31
The central government on Thursday reconstituted the Banks Board Bureau (BBB) and named Bhanu Pratap Sharma, a bureaucrat, as its new chairman.
The term of the earlier BBB chief Vinod Rai, former Comptroller and Auditor General (CAG), had ended on March 31.
BBB has got a mandate to suggest appointments of senior bank executives and also recommend improvement in governance at the public sector banks (PSBs).
"The mandate of the BBB continues to be the same," Department of Financial Services (DFS) secretary Rajiv Kumar said.
The new chairman Sharma is an IAS officer, who is currently serving as the chairman of Recruitment and Assessment Centre at the Defence Research and Development Organisation (DRDO).
Vedika Bhandarkar, P Pradeep Kumar and Pradip Shah have been named the new members of the BBB.
Bhandarkar is a former head of India investment banking at Credit Suisse.
Kumar is a former managing director of State Bank of India, while Shah is the founder of the ratings firm Crisil.
Rajiv Kumar announced the names of the new chairman and the members on Twitter.
The government said that all the recommendations made by the earlier BBB will be taken forward. The earlier Board had given suggestions on empowering the management and the HR issues such as training, lateral entry and how to attract the best talent, the DFS secretary said.
As far as the recommendations on appointments are concerned, all the appointments that were done after the constitution of the BBB were based on the recommendations of the bureau, he added.
"Govt renews commitment to not interfere in Sr level appointments in PSBs. Appoints new BBB with professionals with diverse expertise to select top management in PSBs. BBB Recommendations made so far incl HR reforms agenda to be taken forward," Kumar tweeted.
Last month, the former BBB chairman Rai had hit out at the government for not acting on his recommendations on the reforms at the PSBs and demanded more powers to deal with the frauds in the banking system.
In a 60-page report titled Compendium of Recommendations sent to the finance ministry, Rai had said that the BBB has been working as merely an appointments Board pointing out at a communication breakdown between the finance ministry and the BBB.
The BBB was set up in February, 2016, for the government to make recommendations on the appointment of whole-time directors and non-executive chairman of PSBs. They were also tasked with engaging with the Board of the PSBs to devise strategies for their growth.
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