The Banks Board Bureau (BBB), the headhunter for state-owned banks and financial institutions, on Monday invited bids from firms to carry out background verification of candidates for director-level vacancies.
The firm will prepare a candidate verification report for every aspirant to provide the necessary inputs to the BBB members before the interactions of the individual personages with the bureau, according to a public notice issued to invite bids.
"A bidder will be selected under the Quality cum Cost Based System method (QCBS) with weightages of 80:20 (80 per cent for technical proposal and 20 per cent for financial proposal) and as per procedures described in this RFP," it said.
It also said that Rs 9,000 per candidate for approximately 50 candidates per annum would be paid to the firm.
The agency is expected to check educational and employment history, crime and default cases if any and other aspects as mandated by the Bureau.
The firm should also extensively examine the social media content of the candidate, it said, adding three weeks-time would be given to complete the process.
The selected firm will be engaged for two years, subject to a review of performance after one year by the Bureau.
The last date for submission of application is October 5, 2021, it said.
The government in 2016 had approved the constitution of the BBB as a body of eminent professionals and officials to make recommendations for the appointment of whole-time directors as well as non-executive chairpersons of PSBs and state-owned financial institutions.
It was also entrusted with the task of engaging with the board of directors of all PSBs to formulate appropriate strategies for their growth and development.
Besides, it was asked to frame a strategy discussion on consolidation based on the requirement. The government wanted to encourage bank boards to restructure their business strategy and also suggest ways for their consolidation and merger with other banks.