Banks Board Bureau (BBB)

 

  • BBB is super authority (autonomous body) of eminent professionals and officials for public sector banks (PSBs).
  • It was announced by Union Government in August 2015 as part of seven point Indradhanush Mission to revamp PSBs and started functioning in April 2016.
  • It had replaced Appointments Board of Government.
  • It is housed in Reserve Bank of India’s central office in Mumbai, Maharashtra.
  • BBB is considered as the first step towards Bank Investment Company as recommended by P J Nayak committee.
  • The first BBB was set up in February 2016 under chairmanship of former CAG Vinod Rai for two-year term that ended in March 2018.

 

Functions

  • Give recommendations for appointment of full-time Directors as well as non-Executive Chairman of PSBs.
  • Give advice to PSBs in developing differentiated strategies for raising funds through innovative financial methods and instruments and to deal with issues of stressed assets.
  • Guide banks on mergers and consolidations and governance issues to address bad loans problem among other issues.

 

Composition: BBB comprises of three ex-officio members (from government) and three expert members, two of which are from private sector in addition to Chairman.