Banks Board Bureau recommends promotion of 22 PSB GMs to executive directors

The Banks Board Bureau (BBB), reconstituted in April, has just completed its first major exercise: recommending 22 general managers to be elevated as executive directors at various public sector banks. Set up in February 2016 – based on the recommendations of the RBI-appointed Nayak Committee – its broad agenda was to improve governance at state-owned lenders. Its mandate also involved advising the government on top-level bank appointments and assisting banks with capital-raising plans as well as strategies to deal with bad loans.

The reconstituted bureau is headed by Chairman BP Sharma, Former Secretary, Department of Personnel and Training, who replaced former Comptroller and Auditor General Vinod Rai when his two-year term ended in end-March. The other newly-appointed team members include Vedika Bhandarkar, former Vice Chairman and Managing Director of Credit Suisse India, P. Pradeep Kumar, former MD of the State Bank of India, and Pradip P. Shah, Crisil’s founder MD.

The Appointments Committee of Cabinet headed by Prime Minister Narendra Modi will take the final decision in this regard. There are already some vacancies at the executive director level and more would be created during the course of the year.

About Banks Board Bureau (BBB):

It was set up in February 2016 as an autonomous body– based on the recommendations of the RBI-appointed Nayak Committee. It was the part of Indradhanush Plan of government.

Its broad agenda was to improve governance at state-owned lenders. Its mandate also involved advising the government on top-level bank appointments and assisting banks with capital-raising plans as well as strategies to deal with bad loans.

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