First Chairman of Banks Board Bureau: Vinod Rai [ Current Affairs ]

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Vinod Rai a Former Comptroller and Auditor General (CAG) becomes the first Chairman of Banks Board Bureau (BBB). The Department of Financial Services has suggested his name for the constitution of the BBB and Prime Minister has approved proposal and appointed him.

He will serve as chairman for 2 years of tenure.

Appointed Members of Banks Board Bureau are:

Chairman: Vinod Rai, He is former CAG from January 2008 and May 2013.

Other Members:

  • N. Sinor, former Joint Managing Director of ICICI Bank.
  • Anil K Khandelwal, former CMD of Bank of Baroda’s
  • Rupa Kudwa, former chief of CRISIL.

About Banks Board Bureau (BBB):

  • BBB is a super Independent Body of eminent professionals and officials for public sector banks (PSBs).
  • It will succeed the Appointments Board of Government.
  • The Union Government has announced bureau in August 2015 as part of seven point Indradhanush Mission to revamp the PSBs.

The main functions of BBB are:

  • Give approvals for appointment of full-time Directors and non-Executive Chairman of PSBs.
  • Also advised PSBs in developing differentiated strategies for raising funds through innovative financial methods and instruments and to deal with issues of stressed assets.
  • And monitor banks on mergers and consolidations and also ways to address the bad loans problem among other issues.
  • Comment:
  • Government wishes that BBB will reorganize business strategy of PSBs and also suggest way forward for their alliance and union with other banks as they are handling with a huge problem of bad loans and high collective gross NPAs (Non-Performing Assets).

- Published on: March 1, 2016