Hay Consultants Current Affairs - 2020
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Banks Board Bureau (BBB) has appointed two firms Egon Zehnder International Pvt. Ltd and Hay Consultants Pvt. Ltd to assist in developing strategies for top bank management.
Egon Zehnder was appointed as knowledge partner to design, implement and institutionalise a flagship leadership development strategy for state-run banks in India. Hay Consultants was appointed to assess leadership competencies and potential capabilities of people appearing for post of whole time directors in state-run banks. Their expertise will help to bring in experienced professionals as whole-time directors is part of focus to ensure more effective monitoring of decisions taken by state owned bank management.
The appointment two consultants to assist BBB is indication of growing stress on leadership skills in public sector banks (PSBs). Their appointment comes at a time when state-run banks have been struggling to appoint quality people in top management. It also comes at a time efforts are being made by government and Reserve Bank of India (RBI) to revive PSBs suffering from huge levels of non-performing assets (NPAs) and losses.
Banks Board Bureau (BBB)
BBB is autonomous body of Central Government tasked to improve governance of Public Sector Banks (PSBs), recommend selection of chiefs of government owned banks and financial institutions and help banks in developing strategies and capital raising plans.
It was announced by Union Government in August 2015 as part of seven point Indradhanush Mission to revamp PSBs and started functioning in April 2016. It had replaced Appointments Board of Government. It is housed in Reserve Bank of India’s (RBI) central office in Mumbai, Maharashtra.
It comprises eminent professionals and officials for public sector banks (PSBs). Current BBB Chairman is Bhanu Pratap Sharma. The first BBB was set up in February 2016 under chairmanship of former CAG Vinod Rai for two-year term that ended in March 2018
Functions of BBB
- Give recommendations for appointment of full-time Directors as well as non-Executive Chairman of PSBs.
- Give advice to PSBs in developing differentiated strategies for raising funds through innovative financial methods and instruments and to deal with issues of stressed assets.
- Guide banks on mergers and consolidations and governance issues to address bad loans problem among other issues.