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Financial Services Institutions Bureau
- Financial Services Institutions Bureau (FSIB): The FSIB suggests Ashutosh Kumar for the position of SBI MD and Asheesh Pandey for Indian Bank.
- Establishment: The Central Government established the Financial Services Institutions Bureau on July 1, 2022.
- FSIB is a government body operating under the Department of Financial Services (Ministry of Finance).
Organisational Structure:
- The FSIB is led by a chairman chosen by the central government.
- The board of FSIB will consist of:
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- The chairman of IRDAI (Insurance Regulatory and Development Authority of India).
- A deputy governor from RBI (Reserve Bank of India).
- The secretaries of the Department of Financial Services.
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- Additionally, the board will include:
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- Three part-time banking experts.
- Three part-time insurance industry professionals.
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Responsibilities of FSIB:
- Its main responsibility is to recommend appointments for full-time directors and non-executive chairman of state-run financial institutions.
- Additionally, FSIB issues guidelines for selecting general managers and directors of public sector general insurance companies.
Replacement of Banks Board Bureau (BBB):
BBB was replaced by FSIB after being deemed ineffective by the Delhi High Court.