BBB recommends 15 names for appointment of EDs in PSBs

Sources said recommendations were made by BBB Chairman Vinod Rai, other members

Banks Board Bureau (BBB) has recommended to the government names of 15 general managers of various public sector banks (PSBs) for appointment as executive directors (EDs).

Sources said the recommendations were made by BBB Chairman Vinod Rai and other members of the bureau.

The list would be sent to the Department of Financial Services to get Appointments Committee of Cabinet (ACC) clearance, sources said. The ACC is headed by Prime Minister Narendra Modi.

The interview for appointment to the post of EDs was held on June 30.

Besides former CAG Rai as chairman, the other members of BBB include Anil Khandelwal, former chairman and managing director of Bank of Baroda; H N Sinor, former joint managing director of ICICI Bank; and Roopa Kudva, managing director of Omidyar Network India Advisors.

RBI deputy governor, Financial Services Secretary and Department of Public Enterprises Secretary, are ex-officio members.

Recently, the government expanded the BBB by inducting two more members with the objective of strengthening the panel responsible for selection of MDs and directors of public sector banks and financial institutions.

Former Allahabad Bank chairperson and managing director Shubhalaxmi Panse and private equity player Pradip Shah have been inducted into the board as independent members.

The BBB, set up in April 2016, was originally tasked to recommend names for chiefs of public sector banks and financial institutions and help state-owned lenders in developing strategies and capital-raising plans.

The Bureau was authorised to suggest to banks on developing a robust leadership succession plan through appropriate HR processes, including performance management systems.