Current Affairs

BBB Recommends Elevation of 15 Executive Directors

Government's continues its efforts to improve the situation at PSU Banks.
The Banks Board Bureau
  • The Banks Board Bureau (BBB) has recommended 15 executive directors to be elevated as managing directors (MD) at various public sector banks (PSBs).

How did it happen?

  • The recomendations came at a meeting of the Banks Boards Bureau that was headed by former Department of Personnel and Training Secretary B P Sharma.
  • However, these recomendations are subject to various clearances.
  • It must also be noted that the Appointments Committee of Cabinet (ACC) headed by Prime Minister will take the final decision in this regard.

About Banks Board Bureau (BBB):

  • BBB is an advisory authority (autonomous and self-governing body) of Central Government comprising eminent professionals and officials to improve governanve of PSBs.
  • It was announced by Union Government in August 2015 as part of seven point Indradhanush Mission to revamp PSBs and based on recommendations of RBI-appointed Nayak Committee.
  • It is based in Mumbai, Maharashtra.
  • The first BBB was set up in February 2016 under chairmanship of former CAG Vinod Rai.
  • BBB comprises of Chairman, three ex-officio members (from government) and three expert members, two of which are from private sector.

Agenda/Mandate of BBB:

  • Its broad agenda is to improve governance at state-owned lenders.
  • Its mandate also involves advising government on top-level appointments in PSBs and assisting banks with capital-raising plans through innovative financial methods and instruments as well as strategies to deal with issues of stressed assets or bad loans.
BBB Recommends Elevation of 15 Executive Directors BBB Recommends Elevation of 15 Executive Directors Reviewed by Shweta Kashyap on July 02, 2018 Rating: 5

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