Economy
2022
Banking in India
RBI and Functions
With reference to the 'Banks Board Bureau (BBB)', which of the following statements are correct?
- The Governor of RBI is the Chairman of BBB.
- BBB recommends for the selection of heads for Public Sector Banks.
- BBB helps the Public Sector Banks in developing strategies and capital raising plans. Select the correct answer using the code given below:
D.1, 2 and 3
C.1 and 3 only
B.2 and 3 only
A.1 and 2 only
Correct Answer: Option B
The Banks Board Bureau (BBB) was established with the amendment of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme in 2016, providing its legal foundation.
The BBB is an autonomous body responsible for:
- Recommending appointments to the Boards of Public Sector Banks and Insurance Companies.
- Advising on governance and performance appraisal of these institutions.
- Assisting Public Sector Banks in formulating strategies and capital raising plans.
The BBB includes a Chairman, ex-officio members (Secretaries from relevant departments and a Deputy Governor of RBI), and expert members. The Governor of RBI is not the Chairman of the BBB.
Statement 1 is not correct. Statements 2 and 3 are correct. Hence, only statements 2 and 3 are correct.
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