Rai alleges communication breakdown between Banks Board Bureau and govt

Rai said the BBB was not aware of progress made on reforms as "there has been no further engagement with the government"

Banks Board Bureau (BBB) Chairman Vinod Rai on Monday hit out at the government for sitting over its slew of recommendations for public sector banking reforms.

He also pressed for banking regulations being made independent of ownership, a position similar to what Reserve Bank of India Governor Urjit Patel had taken in a public event a few days ago, in the light of the Rs 129 billion Punjab National Bank scam.

Rai submitted a 60-page report titled ‘Compendium of recommendations’ barely 10 days before the tenure of all the members of the BBB is set to expire on March 31, highlighting the