Rajeev Kumar, the Financial Services Secretary, said that the Banks Board Bureau (BBB) will continue to function even after the term of its existing members expires on March 31, 2018. This came as a response to the report released by BBB demanding action to their ‘unsought’ relationship with the Finance Ministry. The report that was derived from BBB’s performance over the past 2 years indicated that the finance ministry remained silent over some of their suggestions. Further, it complained that a request for a meeting with the Finance Minister Arun Jaitley as long back as July 2017 was not granted.
In contrast, Vinod Rai trashed reports of ax existing communication gap between the government and BBB. He also added that Mr. Arun Jaitley had met him to discuss various issues, even after July last year.
Rajeev Kumar, however, revealed that the term extension for Vinod Rai, existing Chairman of BBB, and the other members is likely to be announced next week. The Appointments Committee of the Cabinet led by Prime Minister Narendra Modi will decide whether they will be replaced by new candidates or not. Other sources also pointed out that Arundhati Bhattacharya, Ex-chairperson, State Bank of India, is one of the top contenders to lead the BBB.