As Vinod Rai-led banks' bureau demits office, its future remains uncertain

The Banks Board Bureau started out with an ambitious mandate to reform PSB governance but found itself reduced to an appointments board. Here is how

The first stint of the Banks Board Bureau (BBB) came to an end with its chairman Vinod Rai and other members demitting office on March 31. Despite initial reports that the BBB would be scrapped, the government has categorically said it would continue. 

But the ambivalence of the government’s approach has been underlined by the fact that a new board and office-holders are yet to be reconstituted even as uncertainty hangs over its precise function within the eco-system of public sector banks or PSBs. Indeed, 10 days before the BBB’s two-year debut stint was supposed to end, Rai, former Comptroller