Prime Minister Narendra Modi on Sunday approved the proposal of the department of financial services for the constitution of the Banks Board Bureau.
Former CAG of India Vinod Rai will be its chairman.
The Bureau will be giving its recommendations on appointment of directors in public sector banks and advice on ways to raise funds and mergers and acquisitions to the lenders.
The Banks Board Bureau (BBB) is a four-member board comprising former CMDs of banks and experts from the financial services sector.
Apart from chairman Vinod Rai , the other three members are Anil K. Khandelwal, former CMD of Bank of Baroda, H.N. Sinor, former Joint MD, ICICI Bank and Rupa Kudwa, former MD and CEO, CRISIL.