Fiance Ministry Current Affairs
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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.
The Union Finance Ministry has decided that sports infrastructure will be included under the harmonised master list of infrastructure sub-sectors.
Earlier, the Ministry of Youth Affairs & Sports Affairs had moved the proposal for inclusion of sports in the list to address the issue of deficit of sports infrastructure in the country.
- It will include sports stadia and infrastructure for academies for training and research in sports and sports-related activities in the infrastructure sub-sectors.
- With this, sports sector becomes eligible for obtaining long term financial support from banks and other financial institutions on same principle available to other infrastructure projects.
- It will also encourage private investment in a public good which has socio-economic externalities in a country with young population.
- It will also bolster investment in sports infrastructure sector which will contribute to the economy and help in promotion of health and fitness of the people.
- It will also provide opportunities for employment in the new and existing sectors. Besides, investment from private sector will widen the platform from where the country can become a sporting power in future.