Banks Board Bureau recommends new appointments for SBI, IOB, Central Bank of India
The Banks Board Bureau (BBB) has recommended the elevation of Ashwani Bhatia as Managing Director of State Bank of India.
The Bureau also recommended the appointment of Matam Venkat Rao and PP Sengupta as MD & CEO of Central Bank of India and Indian Overseas Bank, respectively.
Key Highlights
- The seven-member Bureau, which is headed by Bhanu Pratap Sharma (Former Secretary, Department of Personnel & Training, Government of India), interviewed 20 candidates for the top level positions in three state-owned banks.
- Bhatia, who is an officer in the rank of Deputy Managing Director in SBI, is on deputation to SBI Funds Management Private Ltd since July 2018.
- The recommendation to promote Bhatia as MD follows the superannuation of Parveen Kumar Gupta on March 31. Currently, SBI has three MDs — Dinesh Kumar Khara, Arijit Basu and Challa Sreenivasulu Setty.
- Rao, who is currently Executive Director at Canara Bank, will take charge as MD & CEO of Central Bank of India once Pallav Mohapatra completes his tenure on February 28, 2021.
- Sengupta, who is currently Deputy Managing Director at SBI, will take charge as MD & CEO of Indian Overseas Bank once Karnam Sekar completes his tenure on June 30, 2020.
About Bank Board Bureau
Banks Board Bureau (BBB) is an autonomous body of the Government of India tasked to improve the governance of Public Sector Banks, recommend selection of chiefs of government owned banks and financial institutions and to help banks in developing strategies and capital raising plans. In February 2016, the NDA government approved the proposal for setting up BBB and it started functioning from April 2016. The BBB works as step towards governance reforms in Public Sector Banks (PSBs) as recommended by P.J. Nayak Committee.
Bhanu Pratap Sharma is the new Chairman of the Mumbai based Bureau. It is housed in RBI’s Central Office in Mumbai.
SOURCE: The Hindu, Wikipedia
The BBB was the part of Indradhanush Plan of government.
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