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
