BBB recommends promotion of 5 executive directors as banks MDs

Banks Board Bureau (BBB) headed by former CAG Vinod Rai has recommended elevation of five executive directors as managing directors of PSU banks.

Vacancies for the post of managing directors in five public sector banks would arise next fiscal.

The Chairman and members of the BBB has recommended to the Centre names of five persons to be appointed as MD&CEO in the public sector banks.

The board has cleared names of Sunil Mehta, Dina Bandhu Mohapatra, Rajkiran Rai, R A Sankara Narayana and R Subramaniakumar.

These recommendations are based on interactions held by the BBB with eligible candidates from PSBs towards appointment against future vacancies for the period 2017-18.

The Government of India will make the final decision on appointments, BBB said in a statement.

The BBB was set up as an advisory body by the government last year to recommend on the appointment of directors at PSBs and advise on ways to raise funds and merger and acquisitions to the lenders among other things.

The government last year expanded its role to also help banks in their capital raising plans and develop business strategies.

As part of its extended role, the board was entrusted with the task of advising the government on extension of tenure or termination of services of the board of directors in state-run banks and financial institutions.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)