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India strips bank bureau of mandate to pick CEO for financial institutions

The Indian government stripped the Banks Board Bureau of a mandate to select CEOs for four state-run financial institutions, including Export-Import Bank of India and IFCI Ltd., The Economic Times reported June 1, citing a senior government official.

The bureau, however, will continue to pick top executives for public sector banks.

The bureau is an autonomous recommendatory body established in 2016 with an aim to relieve the government of the administrative task of appointing top executives at public sector banks and financial institutions and overseeing their performance, among others.

Instead of the bureau, a committee headed by financial services secretary, Anjuly Chib Duggal, will appoint CEOs to the four financial institutions, which also include India Infrastructure Finance Co. Ltd. and Small Industries Development Bank of India.

Vinod Rai, chairman of the bureau, could not be reached for comment, the publication reported.