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Financial Services Institutions Bureau (FSIB) replaces Banks Board Bureau (BBB)

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Financial Services Institutions Bureau (FSIB) replaces Banks Board Bureau (BBB)

Recently, the Appointments Committee of the Cabinet (ACC) has approved the proposal for establishment of Financial Services Institution Bureau (FSIB) in place of Banks Board Bureau (BBB).

The Financial Services Institutions Bureau is being set up in place of the Banks Board Bureau on a direction from the Delhi High Court.

In fact, the court had held that the BBB cannot select general managers and directors of government-run general insurance companies as it is not a competent body to do so.

Subsequently, at least half a dozen newly appointed directors of non-life insurance companies had to step down.

Banks Board Bureau was constituted in the year 2016 as an autonomous recommendatory body. For this, the Central Government had notified amendments to the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1980. Through this amendment a legal framework was provided for the composition and functions of the Banks Board Bureau.

The Financial Services Institutions Bureau (FSIB) will be the sole institution to make recommendations for appointments to the following posts/institutions:

  • Full time director,
  • Non-Executive Chairman in Public Sector Banks (PSBs),
  • Government-run non-life insurance companies and
  • Other financial institutions.

Source- The Hindu

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