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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