Bhanu Pratap Sharma replaces Vinod Rai as chairman of Banks Board Bureau

With this, the government in a statement reiterated its commitment to not interfere with senior level appointments in the public sector banks

Former senior bureaucrat Bhanu Pratap Sharma is the new Banks Board Bureau (BBB) chairman. The government took 12 days to appoint a successor to Vinod Rai, whose term ended on March 31. 

The body was also reconstituted, at a time when there is a debate about governance standards at public sector banks (PSBs), after the massive fraud alleged at Punjab National Bank. A proposal to replace BBB with a holding company is also on the table, officials said. 

The government also appointed three members of BBB. The board under Sharma will have a two-year tenure, same as its predecessor. 

Sharma is a retired