The Government of India will soon finalize the restructuring of the Banks Board Bureau (BBB), as its extended two-year term ended last month. While the extended tenure for the BBB to head the top management of state-run banks and financial institutions ended on April 10.
If sources are to be believed, the Appointments Committee of the Cabinet will soon take a decision on the reorganization of BBB. Since April 2018, BBB is headed by BP Sharma, former Secretary, Department of Personnel and Training. The other part-time member is Vedika Bhandarkar, former MD of Credit Suisse. In addition, former State Bank of India (SBI) MD P Pradeep Kumar and rating agency CRISIL’s founder MD Pradeep P Shah are also members.
If sources are to be believed, it is up to the government to retain the chairman and some members or to have an entirely new board. The new appointments in the financial services sector will take place after the new BBB takes over. The permanent members or ex-officio members of BBB are Department of Financial Services Secretary, Department of Public Enterprises Secretary and Deputy Governor of RBI.
The government in 2016 approved the formation of BBB as a body of eminent professionals and officials to make recommendations for appointment of non-executive chairpersons along with public sector banks (PSBs) and state-owned financial directors Was. It was also entrusted with the task of liaising with the Board of Directors of all PSBs to formulate suitable strategies for their growth and development. PLC>