The Government of India has transformed the Banks Board Bureau (BBB) into Financial Services Institutions Bureau (FSIB) by making some amendments.
Key features and highlights
- The Appointments Committee of the Cabinet (ACC) has approved a government resolution for establishing the Financial Services Institutions Bureau (FSIB) in place of the Banks Board Bureau (BBB).
- The FSIB will now select the chiefs of public sector banks and insurance companies.
- Guidelines for selection of general managers and directors of public sector general insurance companies have been made part of FSIB.
- The amendments were required as the Delhi High Court in its order last year said the BBB is not a competent body to select the general managers and directors of state-owned general insurers.
- The BBB, which was entrusted with the task of selecting candidates for appointments to the senior management-level posts, has remained practically dysfunctional after the term of its chairman Bhanu Pratap Sharma and members ended on April 10.
- Now, the Appointments Committee of the Cabinet (ACC) on June 30 approved a proposal by the department of financial services (DFS) to appoint former BBB chairman Pratap Sharma to head the new body for two years or until further orders.
- The ACC also appointed three members of the new entity (FSIB) – Animesh Chauhan, former chairman and managing director of Oriental Bank of Commerce; Shailendra Bhandari, former managing director and chief executive of ING Vysya Bank; and former Reserve Bank of India executive director Deepak Singhal.
- The Appointments Committee of the Cabinet has asked the Department of Financial Services to carry out necessary modifications in the Nationalized Banks (Management and Miscellaneous Provisions) Scheme of 1970/1980 with the approval of Finance Minister.
GS TIMES UPSC PRELIMS & MAINS CURRENT AFFAIRS BASED BASICS DAILY ONLINE TEST CLICK HERE
CLICK HERE DAILY CURRENT AFFAIRS QUIZ FOR STATE CIVIL SERVICES
MORE THAN 30 QUESTIONS FORM GS TIMES UPSC 2022 PRELIMS CURRENT AFFAIRS DAILY TEST
