Vinod Rai appointed as first Chairman of Banks Board Bureau

Vinod Rai appointed as first Chairman of Banks Board Bureau

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Banks Board Bureau all set to have its first Chairman VinodRai, the Prime Minister Narendra Modi approved the appointment.

Former Controller of Audit General and Padma award winner will head the Body as its Chairman the other appointee’s namely

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  1. N Sinor (Former ICICI Bank’s Former Joint Director)
  2. Anil Khandelwal (Former Chief of Bank of Baroda)
  3. Rupa Kudwa (Chief of CRISIL).
  • This appointees will be the part of the restructuring body to advise on ways of raising funds and dealing with the issues of stressed Assets.
  • This move from the government comes before the general budget in parliament to avoid tussle with Bad Debts issues of Public Sector Banks.

Rai was the Comptroller and Auditor General between January 2008 and May 2013, during which a number of CAG reports led to various scams including in the telecom and coal sectors coming to light.

Bank Board Bureau:

  • The Bank Board Bureau will start functioning from April 1 2016.
  • It will replace the appointment system that led by RBI Governor.
  • The Board to have eminent professionals on its team shall consist of only one government official.
  • It will be six member’s body with atleast 3 former bankers, two professionals and a secretary, department of financial services representing Government.
  • The Apex body will advise the government on appointment of Top level PSB officialsand to restructure the sagging Bad Loans issue, as RBI stated all PSBs to close itsBalance Sheetby 2017.