Moving ahead with banking sector reforms, the government has appointed former Comptroller and Auditor General (CAG) of India Vinod Rai as the Chairman of the Banks Board Bureau.
The Board, which is expected to start functioning from April 1, will have a term of two years.
ICICI Bank’s former Joint Managing Director HN Sinor, Bank of Baroda’s former CMD Anil K Khandelwal and rating agency CRISIL’s former chief Rupa Kudwa have been appointed members. The Banks Board Bureau will recommend top level appointments of directors and non-executive Chairman at public sector banks and also suggest way of raising funds and addressing the problem of stressed assets of these lenders.
All the members and the Chairman will be part-time. The Bureau will have three ex-officio members and three expert members in addition to the Chairman.
The announcement, which was proposed by Finance Minister Arun Jaitley in the last Budget, comes just one day ahead of the Union Budget 2016-17. Rai was the CAG between January 2008 and May 2013, during which a number of CAG reports brought to light various scams, including in the telecom and coal sectors.