Financial Services Institutions: Appointment of PSO Board Level Positions Gains Center Approval

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The Center decided to establish the Financial Services Institutions Bureau (FSIB) as a single entity to make recommendations for appointments of full-time directors and non-executive directors in public sector banks (PSB ), public sector insurers (PSI) and financial institutions (FI). ), the sources said.

This new entity, which will be headed by former Banks Board Bureau Chairman Bhanu Pratap Sharma for two years, will also make recommendations for the selection of managing directors and directors in non-life ISPs.

The Cabinet Appointments Committee (ACC) headed by the Prime Minister has approved the establishment of the FSIB, the sources added.

The ACC has also approved the appointment of part-time non-governmental members for PSB and FI matters on the FSIB for a two-year term, they said.

Animesh Chauhan, former chairman and chief executive of Oriental Bank of Commerce, has been named a member of the FSIB in the ex-public sector banker category.

Shailendra Bhandari, former managing director and CEO of ING Vysya Bank, has been appointed as a member of the FSIB in the ex-private sector banker category.

With the approval of the ACC for the constitution of the FSBI by appointing the chairman and two members, the Department of Financial Services (DFS) of the Ministry of Finance should make the necessary changes to the regime of nationalized banks (management and miscellaneous provisions) of 1970/ 1980 with the approval of Finance Minister Nirmala Sitharaman, sources added.

Future of BBB

The creation of the FSIB could also mean the end of the road for the Banks Board Bureau (BBB), which was created on April 1, 2016 as an autonomous body responsible for seeking and selecting personalities for the Banks Board of the sector. government and public sector financial institutions. and public sector insurance companies and recommend measures to improve corporate governance in these institutions, banking industry watchers said.

Published on

July 01, 2022

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