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DAILY NEWS ANALYSIS

  • 30 May, 2020

  • 4 Min Read

Banks Board Bureau

Banks Board Bureau

Part of: GS-III- Bank (PT-MAINS-PERSONALITY TEST)

The Banks Board Bureau (BBB) has selected SN Rajeswari as the Chairman and Managing Director (CMD) of the Delhi-based Oriental Insurance Company (OIC).

  • The Ministry of Finance will now start the process of appointing Rajeswari as the CMD of OIC.
  • This will be followed by the Finance Ministry's nod and a further approval from the Appointments Committee of the Cabinet and the Prime Minister’s Office.

Background: The Banks Board Bureau (BBB) has its genesis in the recommendations of ‘The Committee to Review Governance of Boards of Banks in India, May 2014 (Chairman - P. J. Nayak)

Formation: The government, in 2016, approved the constitution of the BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of Public Sector Banks (PSBs) and state-owned financial institutions.

    • It is an autonomous recommendatory body.
    • The Ministry of Finance takes the final decision on the appointments in consultation with the Prime Minister’s Office.

Functions:

  • Apart from recommending personnel for the PSBs, the Bureau has also been assigned with the task of recommending personnel for appointment as directors in government-owned insurance companies.
  • It engages with the board of directors of all the public sector banks to formulate appropriate strategies for their growth and development.
  • It is tasked with improving corporate governance at public sector banks, building capacities, etc.

**The Banks Board Bureau is a public authority as defined in the Right to Information Act, 2005.

Source: TH


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