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Major changes at Banks Board Bureau

Published on June 21, 2022
Current Context: Ministry of Finance is planning to bring more representatives from the insurance sector into the Banks Board Bureau in a bid to expand.
Major changes at Banks Board Bureau
  • The restructured Banks Board Bureau, which will have a remit over a wider set of financial institutions, may also get a new name.
  • This decision has been taken when it was found that the body was not competent enough to recommend appointments to select general managers and directors at PSU general insurers.
  • When revamp was done the board will be able to recommend full-time appointments at financial institutions, where currently the executives are given additional roles through interim arrangements.
  • Banks Board Bureau was set up in 2016 by the government with the aim to select executive directors and managing directors and chief executives of PSBs and financial institutions.
  • It engages with the board of directors of all the public sector banks to formulate appropriate strategies for their growth and development.
  • It also helps in improving corporate governance at public sector banks, building capacities.
  • The Banks Board Bureau is a public authority as defined in the Right to Information Act, 2005.


Q.1 Consider the following statements regarding Bank Boards Bureau.
A.It was set up in 2016, to select executive directors and managing directors
B. It is an autonomous recommendatory body.
C.BBB plays a very important role in the monetary policy committee of the RBI

Select the correct option given below
a. Both A & B
b. Only C
c. Both B & C
d. All of the above
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