What is the Full Form of BBB?

The full form of BBB is the Bank Board Bureau. It is an independent body of the Government of India given the task to search and decide suitable high dignitaries for the Board of Public Sector Financial Institutions, Public Sector Banks, and Public Sector Insurance Companies and further advise benchmarks to enhance Corporate Governance. 

What is the Banks Board Bureau? 

In April 2016, as part of the strategy of 7 specific points of the Indradhanush Mission to revamp the functioning of Public Sector Banks(PSBs), the Bank Board Bureau was formed. The BBB works as an advisory authority composed of experienced officials and professionals so as to improve the function of Public Sector Banks. 

Moreover, the BBB is a non-profit autonomous department that was originally envisioned to fulfill its expenditures with upfront aid from the Reserve Bank of India and subsequently allocate the expenditures among the Public Sector Banks. 

In 2022, as per the new framework of the Department of Financial Service, Ministry of Finance, the Bank Board Bureau (BBB) was transformed into the Financial Services Institutions Bureau (FSIB). 

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What are the Functions of the BBB?

These are the functions of the Bank Board Bureau: 

• Selection and Appointment of Board of Directors of PSBs(Public Sector Banks), FIs(Financial Institutions) and Public Sector Insurance Companies.
• Help banks to form a good administration succession plan for critical positions that would arise in future.
• To create a bank of data that includes data correlating to the accomplishments of PSBs/FIs and their officers. 

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Interesting Facts about BBB 

• The Central Government declared the amendment to the Nationalised Banks Scheme, 1980 and provided legal guidelines for the functions and composition of the BBB on the 23rd of March, 2016.
• The BBB was formed on the 1st of April, 2016.
• Shri Vinod Rai was the first Chairman of the Banks Board Bureau from 2016 to 2018.
• The current Agency Executive(Chairman) is Shri Bhanu Pratap Sharma.

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