March 31, 2023

Why in news

  • FSIB recommended MDs for Bank of Baroda and Bank of India.
  • FSIB is set up, under Department of Financial Services (DFS), Ministry of Finance, for-
    • Recommending whole-time directors and non-executive chairpersons on Boards of financial services institutions.
    • Advising on certain other matters relating to personnel management in these institutions.
  • FSIB replaced Banks Board Bureau.
  • Composition
    • Chairperson to be nominated by Central Govermment.
    • Ex officio members: Secretary in charge of DFS, Department of Public Enterprises, Chairperson of IRDM. Deputy Govemor of RBI.
    • Several part-time members with subject matter knowledge.
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