BBB recommends elevation of 5 EDs as bank MDs

The Banks Board Bureau (BBB) chief Vinod Rai has recommended elevation of five executive directors as managing directors of PSU banks.
Vacancies for the post of MDs in five public sector banks will come up next fiscal.
The chairman and members of the BBB have recommended to the government names of five to be appointed as MD and CEO in the public sector banks.
The board has cleared names of Sunil Mehta, Dina Bandhu Mohapatra, Rajkiran Rai, R A Sankara Narayana and R Subramaniakumar.
These recommendations are based on interactions held by the BBB with eligible candidates from PSBs towards appointment against future vacancies for 2017-18.

The central government will take the final call on these appointments, the BBB said in a statement.

The BBB was set up as an advisory body by the government last year to give recommendations on the appointment of directors at PSBs and advise on ways to raise funds and mergers and acquisitions, among other things.
The government last year expanded its role to help banks in their capital raising plans and develop business strategies.
As part of its extended role, the board was entrusted with the task of advising the government on extension of tenure or termination of services of the board of directors in state-owned banks and financial institutions.