New Delhi, Oct 16 The government on Friday reconstituted the Financial Services Institutions Bureau (FSIB), the headhunter for top-level appointments in state-owned banks and financial institutions, appointing former MSME Secretary S C L Das as its new chairman.
“The central government hereby nominates the chairperson and the part-time members of the Financial Services Institutions Bureau for a period of three years, with effect from the date of notification of this resolution,” a government order said.
Das, who is currently chairperson of the Delhi Electricity Regulatory Commission, will be helped by six members for the selection of directors of state-owned banks and financial institutions.
The members are Arijit Basu, former managing director of the State Bank of India; Satish Kashinath Marathe, former director of the Central Board of the Reserve Bank of India; Ramanathan Subramanian, former executive director of the Reserve Bank of India; Siddhartha Mohanty, former CEO and MD of LIC; Neerja Kapur, former CMD of New India Assurance; and T L Alamelu, former member (Non-Life) of the Insurance Regulatory and Development Authority (IRDAI).
The first three members will be part of the selection of directors of public sector banks and financial institutions, while the remaining three will look after the selection of directors for public sector insurance companies.
The final decision on the FSIB recommendation is taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
The government created FSIB in 2022 as a single entity for making recommendations for appointments of whole-time directors and non-executive chairman of banks and financial institutions.
It has also been entrusted with the task of advising the government on matters relating to appointments, transfer, extension of term of office and termination of services of the said directors.
The bureau is expected to advise the government on a suitable performance appraisal system for directors and non-executive chairpersons and formulation and enforcement of a code of conduct and ethics for them.
(PTI News)
