PNB fraud: Banks Board Bureau may wind up in March after Vinod Rai's exit

Hard on the heels of the Nirav Modi fraud case, which has shaken public trust in state-owned banks, the Banks Board Bureau (BBB), set up by the government as a makeover platform for these banks, will effectively close down in March. 

The term of BBB Chairman Vinod Rai (pictured), who was tasked with advising the government on enforcing “a code of conduct and ethics for managerial personnel” in these banks, will expire at the end of March. It is unlikely the government will look for a successor to Rai, sources familiar with the developments said.

The BBB has not been able to