The government will establish Financial Services Institutions Bureau (FSIB) as a single entity for making recommendations for appointments of whole time directors and non-executive chairman of banks and financial institutions, officials aware of the development said.
FSIB will replace Banks Board Bureau. The Appointments Committee of the Cabinet has asked the Department of Financial Services to carry out necessary modifications in the Nationalised Banks (Management and Miscellaneous Provisions) Scheme of 1970/1980 with the approval of finance minister to effect this change, and then notify the government resolution for establishing FSIB as a single entity for making recommendations for appointments of whole time directors and non-executive chairman of banks and financial institutions.