Banks Board Bureau (BBB)

Subject – Economy

Context – BBB recommends Atul Kumar Goel for PNB MD & CEO’s position

Concept –

Banks Board Bureau (BBB) is an autonomous body of the Government of India tasked to improve the governance of Public Sector Banks, recommend selection of chiefs of government owned banks and financial institutions and to help banks in developing strategies and capital raising plans.
The Ministry of Finance takes the final decision on the appointments in consultation with the Prime Minister’s Office.
It had replaced Appointments Board of Government.
In February 2016, the NDA government approved the proposal for setting up BBB and it started functioning from April 2016.
The BBB works as step towards governance reforms in Public Sector Banks (PSBs) as recommended by P.J. Nayak Committee.
The BBB was the part of Indradhanush Plan of government, aimed at revamping the Public Sector Banks.
Banks Board Bureau comprises the Chairman, three ex-officio members i.e Secretary, Department of Public Enterprises, Secretary of the Department of Financial Services and Deputy Governor of the Reserve Bank of India, and five expert members, two of which are from the private sector.
The Banks Board Bureau is a public authority as defined in the Right to Information Act, 2005.