Bank Board Bureau (BBB) is an autonomous body set up by the Government of India under the recommendations of PJ Nayak committee to improve the governance in Public Sector Banks, to recommend chiefs of Public Sector Banks and other government financial institutions and to help banks in developing strategies and capital raising plans.
This is just the old wine in a new bottle, as the Bank Board Bureau has just replaced the appointments committee of public sector banks. The Bank Board Bureau’s office is housed within the RBI’s Central office at Mumbai. Former CAG Vinod Rai was the first chairman of BBB when it started functioning on April 1, 2016. It is just a recommendatory body, as the final choice lies with the Government of India whether to accept the recommendations or not.
The composition of Bank Board Bureau
There is a chairman other than six members in the BBB. Out of six members, three are ex-officio members (Financial services secretary, Deputy Governor of RBI and Secretary of Public Enterprises) and three are experts from the private sector. Currently, the chairman of BBB is Shri Bhanu Partap Sharma. List of members is shown below:
Functions performed by Bank Board Bureau
- Recommend the appointments of Chiefs and board members of public sector banks.
- Recommend chiefs of other government financial institutions.
- To improve governance in public sector banks and help them to formulate strategies to raise capital.
- Advise public sector banks on mergers and acquisitions.
- Constantly engage with the board of public sector banks to help them in their growth and development.
Latest recommendations made by Bank Board Bureau
On June 30, 2018, BBB recommended an MD to the State Bank of India (Ms Anushula Kant) and 14 personages for the post of MD and CEO s in public sector banks. Recommended names are given in the list below: