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Banks Board Bureau has some key suggestions for PSBs

Banks Board Bureau has some key suggestions for PSBs

Finance
The Banks Board Bureau (BBB), headed by Vinod Rai, completes two years on March 31. The government says it has no plans to scrap the bureau but there is no clarity on its role going ahead. BBB has released a compendium of its recommendations on reforms at public sector banks (PSBs) in a report that also cites a lack of engagement with the agency by the government. Here are some of its key suggestions:APPOINTMENTS* Ownership-neutral guidelines for appointment to boards of banks * Boards should be empowered to appoint part-time/non-executive directors COMPENSATION*Delink bank compensation from those of civil servants; introduce performance-based compensation * Short-term variable salary component * Long-term component of stock options PERFORMANCE ASSESSMENT* Relative performance rating (RPR...
Banks Board Bureau backs RBI, says govt still to act on its recommendations on PSBs

Banks Board Bureau backs RBI, says govt still to act on its recommendations on PSBs

Finance
NEW DELHI: Days before its term ends, the Banks Board Bureau (BBB), led by former comptroller and auditor general Vinod Rai, has said that several of its recommendations were lying with the government and pitched for widening its mandate and greater dialogue over restructuring of public sector banks (PSBs). It also pointed out that the RBI does not have powers to regulate PSBs the way it does with private banks. The statement from BBB, in a report made public on Monday, is in line with the recent stance taken by RBI governor Urjit Patel, who had suggested that the regulator did not have sufficient powers to regulate public sector players, something that the gover nment has contested. “Everyone wants more powers saying they do not have enough. The only power available to us is to appoint
The Latest: Bureau defends Trump's oil and gas drilling plan

The Latest: Bureau defends Trump's oil and gas drilling plan

Technology
The Latest on complaints about offshore oil and gas drilling hearings (all times local): 4:50 p.m. A federal government bureau holding hearings over President Donald Trump's plan to open most of the nation's coastline to oil and natural gas drilling has defended the plan despite boisterous protests. Drilling opponents held their own meeting in Hamilton, New Jersey, on Wednesday before a Bureau of Ocean Energy Management meeting began. They're upset the bureau won't allow them to speak at a microphone. The bureau's chief environmental officer says everyone knows renewable energy is something that should be developed more but "renewables are not going to take the place of fossil fuels immediately." Democratic Gov. Phil Murphy addressed the environmental rally by video link before the bureau...