With reference to the 'Banks Board Bureau (BBB)', which of the following statements are correct? 1. The Governor of RBI is the Chairman of BBB. 2. BBB recommends for the selection of heads for Public Sector Banks. 3. BBB helps the Public Sector Banks in developing strategies and capital raising plans. Select the correct answer using the code given below:

Answer: B. Statements 2 and 3 are correct; Statement 1 is wrong. The BANKS BOARD BUREAU (BBB) was constituted in 2016 (replaced by Financial Services Institutions Bureau or FSIB in July 2022) under the Department of Financial Services for selecting whole-time directors of Public Sector Banks (PSBs) and Insurance companies. Statement 1 is WRONG. The CHAIRMAN of BBB (and now FSIB) was NOT the RBI Governor. The Chairman was an INDEPENDENT EXPERT/EX-BANKER appointed by the government. Vinod Rai (former CAG) chaired BBB initially. The current FSIB is chaired by Bhanu Pratap Sharma. The RBI Governor is not part of BBB. Statement 2 is CORRECT. BBB's PRIMARY MANDATE was to RECOMMEND for selection of heads (MD/CEO) and whole-time directors of Public Sector Banks, Public Sector Insurance Companies and Financial Institutions. Recommendations were made to the Appointments Committee of the Cabinet. Statement 3 is CORRECT. BBB was also mandated to help PSBs develop STRATEGIES AND CAPITAL RAISING PLANS, advise on consolidation, mergers, and governance reforms. Source: Department of Financial Services Notification 2016 / FSIB constitution 2022.