Banks Board Bureau: The government will soon approve the restructuring of the Banks Board Bureau.

Sources said the government would soon finalize the restructuring of the Bank Board Bureau (BBB) ​​as its extended two-year term expired last month.

The extended term of the BBB, head of top management of state-run banks and financial institutions, ended April 10.

The Cabinet Appointments Committee will soon take a decision on the restructuring of the BBB, sources said.

The BBB has been headed by BP Sharma, former Secretary, Department of Personnel and Training, since April 2018.

Other part-time members are Bedika Bhandarkar, former MD of Credit Suisse; P Pradeep Kumar, former MD

(); And Pradeep P Shah, MD, founder of the rating agency.

It is up to the government to retain the chairman and some members or keep a completely new board, sources said, adding that new appointments will be made in place of financial services after the new BBB takes over.

The permanent members or ex-officio members of the BBB are the Secretary of Financial Services, the Secretary of the Department of Public Enterprise and a Deputy Governor of the RBI.

The government, in 2016, ratified the BBB’s constitution as a body of eminent professionals and officials, recommending the appointment of full-time directors as well as non-executive chairpersons of public sector banks (PSBs) and state-owned financial institutions. Institution

The board of directors of all PSBs was also tasked to formulate appropriate strategies for their growth and development.

Also, there was a need to create a strategy discussion on integration based on need. The government wanted to encourage bank boards to restructure their business strategies and suggest ways to consolidate and merge with other banks.

Selection for top management of public sector insurance companies and financial institutions is also mandatory.