The government today reconstituted the Banks Board Bureau, appointing former DoPT Secretary Bhanu Pratap Sharma as the chairman, replacing Vinod Rai.
The BBB's term under Rai ended on March 31 and the new board has been set up at a time when the banking sector is grappling with mounting bad loans and frauds.
The other members of the reconstituted BBB are: Vedika Bhandarkar (former MD Credit Suisse India), P Pradeep Kumar (former MD SBI) and Pradip P Shah (founder MD Crisil).
The board under Sharma will have a two year tenure. He was serving as the chairman of Recruitment and Assessment Centre at the Defence Research and Development Organisation (DRDO).
Financial Services Secretary Rajiv Kumar said the reconstituted BBB will have the same mandate as was given to the previous one which was led by Rai.
The restructured BBB will "take forward" all the HR related recommendation of the previous board, he said.
In a tweet while announcing the constitution of BBB, Kumar said: "Government renews commitment to not interfere in senior level appointments in PSBs (public sector banks)."