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| Agency overview | |
|---|---|
| Formed | April 1, 2016 (2016-04-01) |
| Jurisdiction | Govt of India |
| Agency executive |
|
| Parent department | Ministry of Finance |
| Website | https://banksboardbureau.org.in/ |
Banks Board Bureau (BBB) (now replaced by Financial Services Institution Bureau since 2022) was an autonomous body of theGovernment of India[1] tasked to search and select appropriate personages for the Board of Public Sector Banks, Public Sector Financial Institutions, and Public Sector Insurance Companies and recommend measures to improve Corporate Governance in these Institutions. In 2022, it was replaced by Financial Services Institutions Bureau(FSIB) with chairman and mandate remaining the same, in response to a Delhi High court order rendering BBB as incompetent.[2]
The mandate of the Bureau includes:
The Central Government notified the amendment to the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1980 providing the legal framework for the composition and functions of the Banks Board Bureau on March 23, 2016. The Bureau started functioning as an autonomous recommendatory body on April 1, 2016.[3]
The BBB works as a step towards governance reforms inPublic Sector Banks (PSBs) as recommended by theP.J. Nayak Committee.[4]It is housed in RBI's Byculla Office in Mumbai.
| Name | Tenure Began | Tenure end |
|---|---|---|
| Vinod Rai | 2016 | 2018 |
| Bhanu Pratap Sharma | 2018 | Incumbent |
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