Q. With respect to the Banks Board Bureau, consider the following statements:

1. It was set on the recommendation of Nayak Committee.
2. It was part of the Indradhanush Plan.
3. The Banks Board Bureau was a public authority as defined in the Right to Information Act, 2005.
4. The BBB is a non-profit organisation registered under Section 8 of the Companies Act 2013.

Which of the statements given above are correct?
Answer: Only 1, 2 & 3
Notes:

• The Cabinet Appointments Committee (ACC)has passed a government resolution to establish the Financial Services Institutions Bureau (FSIB) in place of the Banks Board Bureau.
• Banks Board Bureau was set up in February 2016 on the recommendation of the RBI-appointed Nayak Committee. It is an autonomous body. The BBB is a not-for-profit organisation registered under Section 8 of the Companies Act 2013.
• It was part of the Indradhanush Plan.
• The Banks Board Bureau was a public authority as defined in the Right to Information Act, 2005.
• It will make recommendations for appointment of whole-time directors as well as non-executive chairpersons of Public Sector Banks (PSBs) and state-owned financial institutions.
• The Ministry of Finance takes the final decision on the appointments in consultation with the Prime Minister’s Office.

This question is part of UPSC Daily 20 MCQ Series Course on GKToday Android app.