The Chairmen of public sector banks are selected by the

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Q: 3 (IAS/2019)
The Chairmen of public sector banks are selected by the

question_subject: 

Economics

question_exam: 

IAS

stats: 

0,352,66,352,39,17,10

keywords: 

{'public sector banks': [0, 0, 0, 4], 'chairmen': [0, 0, 0, 1], 'banks board bureau': [0, 0, 0, 2], 'reserve bank': [1, 0, 3, 4], 'concerned bank': [0, 0, 0, 1], 'union ministry': [1, 0, 9, 11], 'finance': [5, 2, 5, 15], 'management': [2, 0, 4, 9], 'india': [8, 1, 7, 13]}

The appointment of Chairmen of public sector banks in India is done by the Union Ministry of Finance, based on the recommendations of the Banks Board Bureau (BBB). The BBB was set up in 2016 as an autonomous body with the mandate to improve the governance of public sector banks and to help them achieve their performance objectives. The BBB recommends suitable candidates for the posts of Chairman, Managing Director, and Executive Director of public sector banks to the Ministry of Finance. The RBI, on the other hand, plays a supervisory role in overseeing the functioning of public sector banks, but it does not have a direct role in appointing their Chairmen.