The board for Public Sector Transformation (BPT) is constituted as per GO. (Ms). No.64/2023/ID dated 05-09-2023 by renaming the erstwhile Public Sector Restructuring & Internal Audit Board (RIAB).

RIAB was constituted in 1994 to execute state-owned enterprise reform Initiatives. RIAB also carried out macro-level fund management, monitoring and performance management of SOEs.

In 2022, the Government of Kerala constituted an Expert Committee for formulating a policy framework for developing viable PSUs, identified after a detailed analysis, supporting their technology upgradation, and enhancing delegation of powers to PSUs both at the level of Boards of Directors as well as Management, while ensuring accountability. The Committee submitted the report on Granting Autonomy with Accountability to Public Sector Undertakings to the Government for delegation of financial and functional powers to Boards of Directors and Management of PSUs depending on their categorisation. The Committee also recommended that the Public Sector Restructuring and Internal Audit Board (RIAB) be renamed as Board for Public Sector Transformation with BPT as its acronym to play a significant role in the transformation of state-owned enterprises….