• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Manifest Learning Academy
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Economy

Financial Services Institutions Bureau (FSIB)

July 4, 2022
in Economy
Reading Time: 5 mins read
0
Financial Services Institutions Bureau (FSIB)
139
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook
image_pdfMake PDF

In news- The Appointments Committee of the Cabinet has recently approved a government resolution(proposed by Department of Financial Services) for establishing the FSIB in place of the Banks Board Bureau (BBB).

Why amendments/changes?

The Delhi High Court in its order in 2021 had said that the BBB is not a competent body to select the general managers and directors of state-owned general insurers.

About Financial Services Institutions Bureau (FSIB)-

  • It will advise the government on a suitable performance appraisal system for whole-time directors and non-executive chairmen of the state-run financial services institutions. 
  • It will build a data bank relating to the performance of public-sector banks (PSBs), Financial Institutions(FIs) and insurance companies. 
  • It will advise the government on “formulation and enforcement of a code of conduct and ethics for whole-time directors” in these institutions. 
  • It will even help these state-run banks, Financial Institutions and insurers in developing business strategies and capital raising plans, etc
  • The FSIB will now select the chiefs of public sector banks and insurance companies.
  • These functions will be in addition to its role in recommending candidates for appointment as whole-time directors and non-executive chairpersons of PSBs), FIs and public-sector insurers (PSI).
  • The FSIB will comprise of-
    • A chairperson nominated by the central government.
    • The secretaries of the departments of financial services and public enterprises.
    • The chairman of the Insurance Regulatory and Development Authority of India and 
    • A deputy governor of the Reserve Bank of India (RBI). 
    • Apart from them, there will be three members with knowledge of banks and other financial institutions, and three more with knowledge of insurance.
  • Former BBB chairman Bhanu Pratap Sharma has been selected to head the FSIB for two years or until further orders. 
  • In future, the FSIB chairman and the three members handling affairs relating to banking and financial institutions will be selected by a search committee that will comprise the governor of the RBI and the secretaries of the departments of financial services and personnel and training. 
  • Similarly, the part-time members relating to the insurance sector would be chosen by the chairman of the IRDAI and the secretaries of the departments of financial services and personnel and training.
  • To avoid conflict of interest, the part-time members shall be either retired or, if working, be required to discontinue work. 
  • Further, such members shall have no commercial relationship with any commercial entity that has commercial relationship with any PSB or FI or PSI, and the central government may consult the regulator concerned in this regard. 
  • The FSIB chairperson and part-time members will get a fee of Rs 50,000 per sitting.
  • FSIB shall be a professional body with autonomy in its affairs and shall have its own secretariat. 
  • It may appoint a person, or take on deputation from RBI a person in the rank of chief general manager or general manager in RBI, to act as full-time secretary of its secretaria.

Banks Board Bureau (BBB)-

  • It is an autonomous body of the Government of India tasked to Search and Select apposite personages for Board of PSBs, Public Sector Financial Institutions and Public Sector Insurance Companies and recommend measures  to improve Corporate Governance in these Institutions. 
  • The BBB was originally set up in 2016 to select the CEOs and Executive Directors of public sector banks. 
  • Central Government notified the amendment to the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1980 providing the legal framework for composition and functions of the BBBin 2016.
  • However, the government later entrusted BBB to select the chiefs of insurance companies. 
  • With the government now clearing the FSIB, the selection process of chiefs of insurance firms is expected to take place in the coming days.
  • The BBB works as step towards governance reforms in PSBs as recommended by P.J. Nayak Committee.

The mandate of the Bureau includes-

  • To recommend the selection and appointment of Board of Directors in Nationalised Banks, Financial Institutions and Public Sector Insurance Companies (Whole Time Directors and Chairman).
  • To advise the Central Government on matters relating to appointments, confirmation or extension of tenure and termination of services of the Directors of mandated institutions.
  • To advise the Central Government on the desired management structure of mandated institutions, at the level of Board of Directors and senior management.
  • To advise the Central Government on a suitable performance appraisal system for mandated institutions.
  • To build a data bank containing data relating to the performance of mandated institutions and its officers.
  • To advise the Central Government on the formulation and enforcement of a code of conduct and ethics for managerial personnel in mandated institutions.
  • To advise the Central Government on evolving suitable training and development programs for managerial personnel in mandated institutions.
  • To help the banks in terms of developing business strategies and capital raising plan and the like any other work assigned by the Government in consultation with Reserve Bank of India.
image_pdfMake PDF
Source: Financial Express
Tags: NewspaperPrelims

Related Posts

Open Network for Digital Commerce (ONDC)

Open Network for Digital Commerce (ONDC)

August 11, 2022
Start-up India Seed Fund Scheme (SISFS)

Start-up India Seed Fund Scheme (SISFS)

August 9, 2022
National handloom Day

National handloom Day

August 8, 2022
RBI’s seven Surveys on Indian Economy

RBI’s seven Surveys on Indian Economy

August 8, 2022
Fifth anniversary of the Centre for Trade and Investment Law (CTIL)

Fifth anniversary of the Centre for Trade and Investment Law (CTIL)

August 6, 2022
RBI hikes Repo Rate by another 50 basis points

RBI hikes Repo Rate by another 50 basis points

August 6, 2022
Central Consumer Protection Authority( CCPA)

Central Consumer Protection Authority( CCPA)

August 5, 2022
Gati Shakti University

Gati Shakti University

August 4, 2022
Slump of Indian Rupee

Slump of Indian Rupee

August 3, 2022
Patent Agents

Patent Agents

August 2, 2022
Please login to join discussion

Our Offline Classroom Student

PRELIMS 2021 POLITY QUESTIONS ANALYSED

https://youtu.be/5q8hBcRGhAs

PRELIMS 2021 HISTORY QUESTIONS ANALYSED

https://youtu.be/v0SIZ7SUybg

CONGRATULATIONS TO 2021 TOPPERS !!!

Rank 171 Kumar Shivashish
Rank 250 Sahithya
Rank 263 Sumit Kumar Thakur
Rank 311 Deepak Ramachandra Shet
Rank 455 Ravinandan B M

August 2022
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
293031 
« Jul    

Browse by Category

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tags

AIR BBC Business Standard CNN Deccan Herald DownToEarth Down to Earth DTE Economic Times ET GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express India today Indiatoday Kurukshetra LiveMint Mains News News Paper Newspaper PIB PIB & The Hindu pre Prelims PRS India RSTV Science Reporter Survey The Hindu The Hindustan Times The India Express The Indian Express The New Indian Express Times of India TOI TOPPERS UNDP website Wikipedia Yojana
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tag

AIR BBC Business Standard CNN Deccan Herald DownToEarth Down to Earth DTE Economic Times ET GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express India today Indiatoday Kurukshetra LiveMint Mains News News Paper Newspaper PIB PIB & The Hindu pre Prelims PRS India RSTV Science Reporter Survey The Hindu The Hindustan Times The India Express The Indian Express The New Indian Express Times of India TOI TOPPERS UNDP website Wikipedia Yojana

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In