What is the Financial Services Institutions Bureau (FSIB)?
- The Financial Services Institutions Bureau has been constituted effective from July 01, 2022, as an autonomous body of Government of India.
- It replaced the Banks Board Bureau (BBB).
- FSIB’s mandate is recommending persons for appointment as whole-time directors and non-executive chairpersons on the Board of Public Sector Banks (PSBs), Public Sector Financial Institutions (FIs) and Public Sector Insurance Companies (PSIs) and recommend measures to improve Corporate Governance in these Institutions.
- FSIB is headed by a chairman, a central government nominee.
- Other functions of the Bureau are :-
- To advise the Government on matters relating to appointments, transfer or extension of term of office and termination of services of the said directors;
- To advise the Government on the desired management structure at the Board level for PSBs, FIs and PSIs;
- To build a databank containing data related to the performance of PSBs, FIs and PSIs;
- To advise the Government on formulation and enforcement of a code of conduct and ethics for whole-time directors in PSBs, FIs and PSIs;
- To advise the Government on evolving suitable training and development programmes for management personnel in PSBs, FIs and PSIs;
Why in News?
- The Financial Services Institution Bureau has selected new chairpersons for General Insurance Corporation of India (GIC Re) and National Insurance Company (NIC).