Banks Board Bureau Current Affairs - 2019
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Banks Board Bureau (BBB) has recommended 22 general managers to be elevated as executive directors at the various public sector banks (PSBs). This is the first major exercise undertaken by reconstituted BBB, headed by newly appointed Chairman BP Sharma, former Secretary, Department of Personnel and Training.
These recommendations were based on interactions held by BBB with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19. Now, Appointments Committee of Cabinet (ACC) headed by Prime Minister will take the final decision in this regard.
Banks Board Bureau (BBB)
BBB is super authority (autonomous and self-governing body) of Central Government comprising eminent professionals and officials to improve governance of PSBs. It was announced by Union Government in August 2015 as part of seven point Indradhanush Mission to revamp PSBs. It was set up in February 2016 under chairmanship of former CAG Vinod Rai based on recommendations of RBI-appointed Nayak Committee. It is based in Mumbai, Maharashtra.
Mandate: Its broad agenda is to improve governance at state-owned lenders. Its mandate also involves advising government on top-level appointments in PSBs and assisting banks with capital-raising plans through innovative financial methods and instruments as well as strategies to deal with issues of stressed assets or bad loans.
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.
Tags: appointments • Banking • Banking Governance • Banks Board Bureau • National
The Union Finance Ministry has reconstituted Banks Board Bureau (BBB) and appointed former bureaucrat Bhanu Pratap Sharma as its chairman. It will replace earlier BBB headed by former Comptroller and Auditor General (CAG) Vinod Rai as its two-year term ended in March 2018. The reconstituted BBB will have two-year tenure, same as its predecessor.
Members of reconstituted BBB: Investment banker Vedika Bhandarkarm; Pradeep Kumar, former managing director of SBI and Pradip P. Shah, founder managing director of rating agency Crisil.
Bhanu Pratap Sharma
Sharma is retired IAS officer of Bihar cadre (1981 batch) and former Principal Secretary (Finance) in the Bihar government. He is presently chairman of recruitment and assessment centre at Defence Research and Development Organisation (DRDO). He had been health secretary and secretary for personnel and training at Centre, before retiring in June 2017 from civil service.
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.
- 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.