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Economy
Mahesh

21/06/22 14:11 PM IST

A major revamp awaits at Banks Board Bureau

In News 
  • The finance ministry is working to expand and relaunch the Banks Board Bureau (BBB) by bringing in more representatives from the insurance sector.
About Revamp Plan
  • Finance ministry wants to legally empower the body to recommend candidates for public sector insurers and accelerate top-level hiring at all state-run financial institutions.
  • BBB’s name and mandate will be changed. The proposed entity will recommend candidates for appointments to senior management-level posts in state-run banks, insurance companies and other financial institutions.
Why revamping? 
  • Delhi high court last year observed that the bureau was not a competent body to recommend appointments at PSU general insurers, and held that circulars enabling BBB to select general managers and directors of PSU insurers were not legally valid.
About BBB
  • It was set up in February 2016 as an autonomous body– based on the recommendations of the RBI-appointed Nayak Committee.
  • It was part of the Indradhanush Plan.
  • It will make recommendations for the appointment of whole-time directors as well as non-executive chairpersons of Public Sector Banks (PSBs) and state-owned financial institutions.
  • The Ministry of Finance takes the final decision on the appointments in consultation with the Prime Minister’s Office.
Source- Live Mint 

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