Ex CAG Vinod Rai’s name discussed for heading bank board

Former Comptroller Auditor General of India (CAG) Vinod Rai is in the running to head the proposed Bank Board Bureau.

Former Comptroller Auditor General of India (CAG) Vinod Rai’s name has been doing the rounds for the post of chairman for the proposed bank board bureau (BBB). Sources said that there have been discussions on appointing Rai as the chairman of the board which, will work as an independent consultant for public sector banks. A final decision is yet to be taken.

Former CAG Vinod Rai

In the days to come, this board will also be responsible for selecting chiefs of these banks and chalk out their business strategies. Given the condition of Indian state run banks, this board will assume great significance.

Rai, who was secretary, department of financial service before taking over as the CAG, did not respond to phone calls or text messages made by HT.

Rai, a 1972-batch Kerala cadre officer of Indian Administrative Service, was honoured with Padma Bhushan last year. As CAG, he brought out the financial irregularities relating to the 2G spectrum allocation and coal mines allotment. Rai served as CAG between January 2008 and May 2013.

Last year, on August 14, laying down a seven point reform programme– Indradhanush -- to revamp and improve the efficiency and functioning of the public sector banks, finance minister Arun Jaitley said the proposed Bank Board Bureau (BBB) that would act as the link between the government and these lenders. The BBB is set to be operational by April, 2016.