Government has decided to set up a (BBB) Bank Board Bureau to monitor key performance indicators of 2 dozen public sector banks.That was announced by the Finance Minister Arun Jailtley.
Facts about Bank Board Bureau Bank Board Bureau
(BBB) will start functioning from next financial year i.e. from First April 2016 and selection of its members will start in the next 6 months. It will replace existing system Appointments Board in which appointments for top level jobs at PSBs are made by an appointments committee that led by the Reserve Bank of India Governor.
Composition:
The (BBB) will be a body of ’eminent’ professionals and shall consist of only 1 government official. It will be the 6 members body with at least Three former bankers, Two professionals and secretary, department of financial services representing government.
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 the innovative financial methods and instruments and to deal with issues of stressed assets.
The Union Government has decided to set up a form Bank Board Bureau
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