FINANCIAL SERVICES INSTITUTION BUREAU

The Central government has transformed the Banks Board Bureau (BBB) into the Financial Services Institutions Bureau (FSIB) by making a few amendments.
The new framework was proposed by the Department of Financial Services, Ministry of Finance.
In 2016, the Prime Minister has approved the constitution of the Banks Board Bureau (BBB) as a recruiter for whole-time directors and non-executive chairpersons of state-owned banks and financial institutions.
It was also entrusted with the work of engaging with the Board of Directors of all PSBs to formulate appropriate strategies for their growth and development.
Guidelines for the selection of General Managers and Directors of Public Sector General Insurance companies have been made part of the Financial Services Institutions Bureau (FSIB).

The amendments were made as the Delhi High Court in its 2021 order said the BBB is not a competent body to choose the General Managers and Directors of State-owned General Insurers.

These amendments were made to the Nationalized Banks (Management and Miscellaneous Provisions) Scheme of 1970/1980.
Now, the FSIB has been established as a single entity for making recommendations for the recruitment of whole-time Directors and Non-Executive Chairperson of:

Public sector banks (PSBs),
Public sector insurers (PSIs) and
Financial institutions (FIs).

This new entity will also make recommendations for the selection of General Managers and Directors in non-life Public Sectors Insurers.
The Cabinet appointment committee has approved the appointment of Bhanu Pratap Sharma as the Chairperson of FSIB for the two-year term. He was also the former chairman of BBB.

Source: The Hindu

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