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BBB is super authority (autonomous body) of eminent professionals and officials for public sector banks (PSBs).
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It was announced by Union Government in August 2015 as part of seven point Indradhanush Mission to revamp PSBs and started functioning in April 2016.
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It had replaced Appointments Board of Government.
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It is housed in Reserve Bank of India’s central office in Mumbai, Maharashtra.
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BBB is considered as the first step towards Bank Investment Company as recommended by P J Nayak committee.
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The first BBB was set up in February 2016 under chairmanship of former CAG Vinod Rai for two-year term that ended in March 2018.
Functions
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Give recommendations for appointment of full-time Directors as well as non-Executive Chairman of PSBs.
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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.
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Guide banks on mergers and consolidations and governance issues to address bad loans problem among other issues.
Composition: BBB comprises of three ex-officio members (from government) and three expert members, two of which are from private sector in addition to Chairman.