Banks board bureau News

Choudhary will replace Ashwini Bhatia who has been appointed a whole time member of Sebi. The Bureau interviewed 21 candidates and based on their performance.

The IPPB had targeted to set-up 650 branches across country by September this year but it now aims to complete the roll out of these branches by early next year.

Rajan also expressed displeasure at the working of the Banks Board Bureau (BBB), and pitched for having banks run by independent boards and not the finance ministry.

Expressing concerns over mounting bad loans, Banks Board Bureau (BBB) Chief Vinod Rai has written to Finance Minister Arun Jaitley and Prime Minister's Office underlining the tardy progress made by state-owned lenders in resolving the issue of Non Performing Assets.

Finance Ministry has agreed in-principle to allow public sector banks to offer stock options to their employees from next fiscal -- a move aimed at retaining experienced hands with better incentives.

Eight Executive Directors (EDs) have been appointed in various public sector banks on the recommendations of Banks Board Bureau.

Bank employees unions have expressed their stiff opposition to any move to introduce performance linked incentive for public sector banks proposed by Banks Board Bureau (BBB) chief Vinod Rai.

The consolidation of more banks may begin from next fiscal as the priority today is to unlock the jammed lending system with the Non-Performing Assets (NPAs) sitting over balance sheets of banking institutions, Banks Board Bureau chief Vinod Rai said Tuesday.

Criticising the appointment of former Comptroller and Editor General (CAG) Vinod Rai as the chairman of the newly-constituted Banks Board Bureau (BBB), Congress in charge of communications Randeep S. Surjewala on Sunday accused the Bharatiya Janata Party (BJP) Government of "quid pro quo", while questioning the legality of such an appointment under Article 148 (4) of the Constitution.

Former CAG Vinod Rai was Sunday appointed first Chairman of the Banks Board Bureau, which will advise the government on top-level appointments at public sector lenders and ways to address the bad loans problem among other issues.

The Bureau is likely to be a six-member board comprising former CMDs of banks and financial services sector experts.

Jaitley proposed to set up an autonomous Banks Board Bureau to help lenders raise capital for expansion needs.

Finance Ministry Monday said an autonomous banks board bureau is expected to be constituted in the next four months for improving governance of public sector banks.