PSB head search: Bank Bureau to start selection process soon

The Bank Board Bureau will soon begin the process of selection of managing directors of public sector banks, Chairman Vinod Rai said on Friday.

By: ENS Economic Bureau | Delhi | Published: April 23, 2016 3:13:31 am

The Bank Board Bureau will soon begin the process of selection of managing directors of public sector banks, Chairman Vinod Rai said on Friday.

“Tangible decision is selection of managing directors, we will start that immediately,” Rai said after the second meeting of the committee, which lasted more than three hours.

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“It’s too early in the day to have (a) decision. We are at very preliminary stage. We will tell you about our priorities, we will tell you about terms of reference, we will tell you how we will take it forward,” Rai said.

The Bureau, which was constituted earlier this year to help the government select heads of PSBs and financial institutions responsible for selecting heads and non-official directors on the boards of PSBs, is expected to be turned into a holding company for state-owned banks.

The holding company will in turn help banks to develop differentiated strategies.

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