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  1. Vinod Rai’s first Bank Board meeting discusses public sector bank consolidation

Vinod Rai’s first Bank Board meeting discusses public sector bank consolidation

The Bank Board Bureau (BBB) on Monday held its first meeting in Mumbai and discussed consolidation of public sector banks (PSBs) and board-level appointments.

By: | Mumbai | Updated: April 9, 2016 11:22 AM

The Bank Board Bureau (BBB) on Monday held its first meeting in Mumbai and discussed consolidation of public sector banks (PSBs) and board-level appointments. However, details of the proceedings could not be immediately ascertained as all the attendees declined to comment.

The meeting was attended by minister of state for finance Jayant Sinha, Reserve Bank of India governor Raghuram Rajan, RBI deputy governors SS Mundra and R Gandhi, former CAG Vinod Rai, managing director of Omidyar Network India Advisors Roopa Kudva, former chairman of Bank of Baroda (BoB) Anil Khandelwal, former joint MD at ICICI Bank HN Sinor and secretary at the Department of Public Enterprises Ameising Luikham.

On Thursday, Sinha had said the Banks Board Bureau is expected to have its maiden meeting in the financial capital under the chairmanship of Vinod Rai to chart out the path of state-run banks’ consolidation and also fix timelines.

In February, Rai was appointed the first chairman of the Banks Board Bureau, which will advise the government on top-level appointments at public sector lenders and ways to address the bad loans problem among other issues.

In a statement, the government had said Prime Minister Narendra Modi approved the proposal of the Department of Financial Services for constitution of the Banks Board Bureau for a period of two years.

The bureau has been set up at a time when public sector banks are grappling with a huge problem of bad loans. The bureau was earlier proposed by the government as a body of eminent professionals and officials, which will replace the Appointments Board for appointment of whole time directors as well as non-executive chairman of PSBs. The bureau will search and select heads of public sector banks and help them develop strategies of capital raising.

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