Union Government decided to set up Bank Board Bureau [ Current News (Concise) ]
About set up Bank Board Bureau: Union Government has decided to set up a Bank Board Bureau (BBB) to monitor key performance pointers of public sector banks (PSBs). It was announced by Union Finance Minister Arun Jaitley as part of Indradhanush (rainbow) plan.
- Indradhanush plan aims to cover all those children by 2020 who are either unvaccinated, or are partially vaccinated against seven vaccine preventable diseases which include diphtheria, whooping cough, tetanus, polio, tuberculosis (TB), measles and hepatitis B.
Facts about Bank Board Bureau:
- Bank Board Bureau will start the functioning from next financial year means from 1st April 2016 and the selection of its member will start in the next six months.
- It will replace existing system Appointments Board in which appointments for top level jobs at PSBs are made by an appointments committee which led by the Reserve Bank of India (RBI) Governor.
- The BBB will be a body of ‘eminent’ professionals and shall consist of only one government official.
- It will be six members body with at least 3 former bankers, 2 professionals and secretary, department of financial services representing government.
- Its Functions are to give recommendations for appointment of full - time Directors as well as non - Executive Chairman of PSBs.
- It will give advice to PSBs in developing differentiated strategies for raising funds through innovative financial methods and instruments and to deal with issues of stressed assets.
- Published/Last Modified on: August 18, 2015