The government would soon restructure the Banks Board Bureau (BBB), which was set up to recommend names of top executives of public banks and financial institutions, with its members’ extended terms ending on April 10, a source said.
The Cabinet Nominations Committee (ACC) would take a final call on whether to retain board members or recruit new ones. In addition, the government will soon decide whether or not to expand the scope of the BBB.

In April 2020, the ACC had approved the extension of the term of part-time BBB Chairman BP Sharma (former Secretary of Personnel and Training Department) and other members for a period of two years. Other part-time members are Vedika Bhandarkar, former Managing Director (MD) of Credit Suisse; Panja Pradeep Kumar, former Director General of SBI; and Pradip
P Shah, founding CEO of the rating agency CRISIL.

Sharma had led the BBB since 2018 after the term of its first chairman and former Comptroller and Auditor General of India Vinod Rai ended. The government established the BBB in 2016 with the aim of “searching for and selecting relevant personalities” for the boards of directors of public banks, financial institutions and insurance companies and “recommending measures to improve corporate governance”. enterprise in these institutions”.

He was also responsible for engaging with PSO directors to prepare strategies for their growth and development. The board was also consulted on the decision to merge ten PSBs to create four larger entities.

During the second half of FY22, the BBB met four times and conducted online interactions with 29 candidates for various vacancies. He recommended candidates for the positions of Managing Directors (MD) of State Bank of India, Indian Overseas Bank, Punjab & Sind Bank and Union Bank of India except Deputy Managing Director of the EXIM Bank.