No place for Vinod Rai in revamped bank board

NEW DELHI: The government on Thursday revamped the Bank Board Bureau (BBB) and named former bureaucrat Bhanu Pratap Sharma as its chairman, replacing Vinod Rai.
The BBB was set up in 2016 with a view to improve the governance of state-run banks. Its mandate was to recommend conditions for selection of heads for public sector banks and financial institutions and help banks in developing strategies and capital raising plans.But, during its tenure it hardly functioned to its full potential.
“Govt renews commitment to not interfere in senior level appointments in PSBs (public sector banks). Appoints new BBB with professionals with diverse expertise to select top management in PSBs. BBB recommendations made so far, including HR reforms agenda, to be taken forward,” Rajeev Kumar, secretary department of financial services, said on micro-blogging site Twitter.
Sharma is a former IAS officer and has been a former secretary at the department of personnel and training as well as health. He has also been chairman, recruitment and assessment centre, at DRDO.
Among the members, Bhandarkar is a former vice chairman and managing director of Credit Suisse India and was also a former MD and head of investment banking at JP Morgan and is an alumnus of IIM, Ahmedabad.
P Pradeep Kumar is a former MD of State Bank of India and also headed the bank’s US operations. Pradip Shah, an alumnus of the Harvard Business School has been the founder, MD of ratings agency Crisil.