Bank Board Bureau Created to revamp PSU banks


Union finance minister on August 14, 2015 launched a seven pronged plan-- Indradhanush--to revamp functioning of public sector banks. 
The seven elements include appointments, board of bureau, capitalisation, de-stressing, empowerment, framework of accountability and governance reforms.  
Bank Board Bureau
The announcement of the Bank Board Bureau (BBB) was made by Finance Minister in his Budget Speech for the year 2015-16. The BBB will be a body of eminent professionals and officials, which will replace the Appointments Board for appointment of Whole-time Directors as well as non-Executive Chairman of PSBs. They will also constantly engage with the Board of Directors of all the PSBs to formulate appropriate strategies for their growth and development.
The structure of the BBB is going to be as follows; the BBB will comprise of a Chairman and six more members of which three will be officials and three experts (of which two would necessarily be from the banking sector).
The Search Committee for members of the BBB would comprise of the Governor, RBI and Secretary (FS) and Secretary (DoPT) as members.
The BBB would broadly follow the selection methodology as approved in relevant ACC guidelines. The members will be selected in the next six months and the BBB will start functioning from the 01st April, 2016.

Sunday, 03rd Jan 2016, 06:30:22 AM

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