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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.

Question:

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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