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Government names Bhanu Pratap Sharma as new Banks Board Bureau chairman (Relevant for GS prelims, GS Mains Paper III)

The government appointed Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT), as the new chairman of the Banks Board Bureau (BBB) along with three other members.

The Board, earlier chaired by former Comptroller and Auditor General Vinod Rai, has been reconstituted after its original two-year term expired last month.

About Banking Boards Bureau

The BBB is a body of “eminent” professionals and consists of only one government official. It is a six-member body with at least three former bankers, two professionals and secretary, department of financial services representing government. Vinod Rai, the veteran CAG, has been appointed as head of the BBB.

It will replace the existing system of Appointments Board in which appointments for top-level jobs at public-sector banks are made by an appointments committee led by the RBI Governor. The BBB has been set up to insulate public-sector banks from interference by the government.

Functions

The BBB will hold investment in public-sector banks on behalf of the government.

1. The BBB will recommend the appointment of senior-most officials in public-sector banks.

2. The BBB will advise banks on the ways of raising fund.

3. It will also guide banks on mergers and consolidations.

4. It will also guide banks on mergers and consolidations.

(Adapted from The Indian express and Background from PrepMate-Cengage Economics book, Chapter 16, page 237)

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