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A)
1 only
B)
2 only
C)
Both 1 and 2
D)
Neither 1 nor 2

Correct Answer :   Neither 1 nor 2


Financial Services Institutions Bureau (FSIB)

* Recently, the Cabinet Appointments Committee (ACC) has passed a government resolution to establish the Financial Services Institutions Bureau (FSIB) in place of the Banks Board Bureau (BBB). Hence, statement 1 is not correct.

* The new framework was proposed by the Department of Financial Service, Ministry of Finance.

* The FSIB will select the chiefs of public sector banks and insurance companies.

* The FSIB will have the clear mandate to issue guidelines and select general managers and directors of state-run non-life insurers, general insurers and Financial Institutions.

* FSIB will be the single entity for making recommendations for appointments of WTD (Whole-time Director) and NEC (Non-executive Chairman) in Public Sector Banks, India Private Limited company and Financial Institutions.

* Juridiction of FSIB will be larger than BBB. Hence, statement 2 is not correct.

* The ACC has approved the appointment of Bhanu Pratap Sharma as Initial chairperson of FSIB for two years. He was the former Chairman of BBB..

Source : Indian Express

Published On : July 2, 2022
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