Vinod Rai Current Affairs
The Bank Board Bureau (BBB) has recommended that Government should bring in reforms in the compensation process in public sector banks (PSBs) on the lines of Central Public Sector Enterprises (CPSEs).
BBB has suggested compensation reforms in PSBs so that best practices can be introduced ‘on the lines already prevalent in CPSEs.
It will play important role in attracting high-quality talent for non-executive directors and chairmen. It will also maintain a level-playing field with the private sector with respect to role, responsibility and remuneration.
About Bank Board Bureau (BBB)
- BBB is the super authority (autonomous body) of eminent professionals and officials for public sector banks (PSBs). It had replaced the Appointments Board of Government.
- It is set up in April 2016 as part of seven point Indradhanush Mission to revamp the Public Sector Banks (PSBs).
- Functions: Give recommendations to Government for appointment of full-time Directors as well as non-Executive Chairman of PSBs.
- Give advice to PSBs in developing strategies for raising funds through innovative financial methods and instruments to deal with stressed assets.
- Guide banks on mergers and consolidations and also ways to address the bad loans problem and among other issues.
- Composition of BBB: It has three ex-officio members and three expert members, in addition to the Chairman. Former Comptroller and Auditor General (CAG) Vinod Rai is first and incumbent Chairman of BBB.
The Supreme Court has appointed former Comptroller and Auditor General (CAG) Vinod Rai as head of four-member Committee of Administrators to run Board of Control for Cricket in India (BCCI).
Other three members of the committee are noted historian Ramachandra Guha, former Indian women’s cricket team captain Diana Edulji and managing director of IDFC Limited Vikram Limaye.
They will function as the interim bosses of the BCCI and run the day-to-day administration of cricket body till the Lodha Committee reforms are fully implemented and elections held.
- Committee of Administrators’ first task will be to find out how much the BCCI has complied with the recommendations made by the Justice R.M. Lodha Committee.
- Named Amitabh Chaudhary, Anirudh Chaudhary of BCCI and Vikram Limaye as representative of BCCI at the ICC meeting to be held in the first week of February, 2017.
- Declined Centre’s request to appoint Secretary of Sports Ministry as the member of the committee. It referred to its earlier judgement debarring Ministers and Government servants from holding office in BCCI.
- Dismissed the names to be appointed as BCCI administrators, submitted in a sealed envelope, while asserting that any individual over the age of 70 will not be appointed as BCCI administrators.
In its earlier order of January 2, 2017 the Supreme Court had removed Anurag Thakur as BCCI president, Ajay Shirke as BCCI secretary and disqualified all the board and its state association office bearers after they had failed to implement new norms set by the Justice Lodha Committee. In its order SC had indicated that it would soon appoint a panel of administrators to carry out the reforms in the BCCI to make its affairs transparent.