Banks Board Bureau to improve governance in public sector banks formed

, 9:14 PM IST

New Delhi: With an aim to improve governance in public sector banks (PSBs), the Government has decided to set up an autonomous body ‘Banks Board Bureau’, which will start functioning from April 1.

The Bureau will recommend for the selection of heads of public sector banks and financial institutions, besides it will also help Banks in developing strategies and capital raising plans.

Now, the government has announced the constitution of Banks Board Bureau which will have three ex-officio members – Secretary, Department Financial Services, Secretary, Department of Public Enterprises, Deputy Governor, Reserve Bank of India – and three expert members – Shri Anil K. Khandelwal, Former CMD of Bank of Baroda, H.N. Sinor, Former Joint MD, ICICI Bank, and Rupa Kudwa, Former MD & CEO, CRISIL – in addition to Chairman Vinod Rai, Former CAG of India.

All the members and chairman will be part time.

Prime Minister Narendra Modi on Sunday approved the proposal of the department of financial services for the constitution of the Banks Board Bureau. (ANI)