The Modi government reconstituted the Banks Board Bureau, appointing former DoPT Secretary Bhanu Pratap Sharma as the chairman, replacing Vinod Rai, who was the first chairman of BBB for a two year term.
The BBB’s term under Rai ended on March 31 and the new board has been set up for a period of two year at a time when the banking sector is grappling with mounting bad loans and frauds.
The other members of the reconstituted BBB are: Vedika Bhandarkar (former MD Credit Suisse India), P Pradeep Kumar (former MD SBI) and Pradip P Shah (founder MD Crisil).
The reconstituted BBB will have the same mandate as was given to the previous one which was led by Rai.The restructured BBB will take forward all the HR related recommendation of the previous board.
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. @PMOIndia @FinMinIndia @PIB_INDIA pic.twitter.com/d4qSRaOblM
— Rajeev kumar (@rajeevkumr) April 12, 2018
Prime Minister Narendra Modi in 2016 approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for the appointment of whole-time directors as well as non-executive chairmen of PSBs.