Centre sets up Financial Services Institutions Bureau to select Chiefs of PSBs

New Delhi, July 2 (KNN) The central government on Friday decided to form a Financial Services Institutions Bureau (FSIB) to recommend persons for appointment as Wholetime Directors and Non-Executive Directors in public sector banks (PSBs), public sector insurers (PSIs) and financial institutions (FIs).

According to banking and industry experts this also means an end for the Banks Board Bureau (BBB) which was formed in April 1, 2016 to find key executives for PSBs and FIs and to recommend measures for corporate governance in these institutions. 

“The Central Govemment has decided to hereby constitute a Financial Services Institutions Bureau (FSIB) for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards offinancial services institutions and for advising on certain other matters relating to personnel management in these institutions,” read the notification dated July 1, 2022. 

Bhanu Pratap Sharma is appointed as the Chairperson of the newly formed body for a term of two year. 

The government has also named former Oriental Bank of Commerce CMD Animesh Chauhan, former MD & CEO of ING Vysya Bank Shailendra Bhandari and former RBI ED Deepak Singhal as members.  (KNN Bureau)