The Ministry of Finance plans to bring more representatives from the insurance sector into the Bureau of the Board of Banks (BBB), in a bid to expand and relaunch the company, a news report in Mint said. With this move, the ministry aims to empower the company to recommend people to public sector insurers and to employ at the highest level state-owned financial institutions.

The union’s finance ministry is, over the coming months, planning to identify new members, restructure the bureau, and propose new names for the Cabinet Appointments Committee (CAC), Mint reported. subject.

The restructured BBB, which will have a remit across a wider range of financial institutions, may also get a new name, the report said.

Following the reform, the board will be able to recommend full-time appointments to financial institutions, where executives are currently given additional roles through interim arrangements.

The move to reform BBB comes after a Delhi High Court tribunal last year pushed the same, saying the body was not competent enough to recommend appointments to select general managers and directors by PSU general insurers.

A case is also pending in Delhi HC, where a PSU insurer executive challenged the appointment of the chairman and managing director of United India Insurance selected by BBB. Among these issues, BBB appointments have been suspended.

The BBB is now virtually inactive as the company’s extended term, part-time chairman BP Sharma and other members ended in April.

Now, the finance ministry is not only looking to expand the company but to rename it and give it a new mandate for an appointment, according to the report in Mint.