Sinor withdraws resignation, decides to re-engage with BBB

Veteran banker H N Sinor, who had resigned as a member of the Banks Board Bureau (BBB) nearly 10 days ago, has decided to re-engage himself with the body.

The BBB in a statement said that "Sinor has decided to re-engage with the activities of the Bureau, with his usual fervour and vigour".

Earlier, sources had told PTI that Sinor had resigned as member of the BBB within days of sudden changes in the top management of two large public sector banks -- Punjab National Bank and Bank of India.

Sinor, a former Joint Managing Director of ICICI Bank, was unhappy as the BBB was completely bypassed when the heads of the two banks were shifted to smaller banks, sources had said.
 

"In what he perceived as inadequate progress that the recommendations of the Bureau were making, and the resulting despondency, he had offered to withdraw his engagement with the Bureau," the BBB said.

"Following a detailed discussion with the Chairman of the BBB, Sinor has decided to re-engage with the activities of the Bureau, with his usual fervour and vigour," the statement said.

The BBB, set up in April 2016, was originally tasked to recommend names for chiefs of public sector banks and financial institutions and help state-owned lenders in developing strategies and capital raising plans.

Headed by former CAG Vinod Rai, the BBB was authorised to suggest to banks developing a robust leadership succession plan through appropriate HR processes, including performance management systems.

The BBB statement further said that Sinor, who has rich experience of both public and private banking sector, has been an invaluable asset as a non-official member of the BBB.

In the Bureau, he has been associated with some dynamic initiatives including the conceptualising of a new compensation suite involving ESOPs and other performance linked incentives for public sector banks, it said.

Other members of the Bureau are Anil K Khandelwal, former CMD at Bank of Baroda and Rupa Kudwa, former MD & CEO at Crisil.