Financial Services Institutions Bureau

Financial Services Institutions Bureau

Financial Services Institutions Bureau (FSIB) is an autonomous body of Government of India which has been constituted on July 1, 2022. It was previously known as Banks Board Bureau. The main purpose of FSIB is recommending persons for the appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions and for advising on certain other matters relating to personnal management in these institutions.

Earlier Banks Board Bureau (BBB) was tasked of headhunting for the top management officials of state run banks and financial institutions. It was constituted in 2016 and later Delhi Court said in its order that BBB is not a competent body to select the general managers and directors of state-owned general insurers.

In developing countries like India, public sector banks dominate financial sectors by size and volume. State run banks have branches and ATMs in each and every corners of India. Selecting heads of these state-run giants is very crucial for the development of country.

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