Financial Services Institutions Bureau (FSIB): Financial Services Institutions Bureau (FSIB) had appointed to Girija Subramanian as next CMD of New India Assurance, who was current Chairperson and MD of Agriculture Insurance Company (AIC). She started the caeeer as Direct Recruit Officer at GIC in 1988, and had invaluable experience across diverse reinsurance sectors, including Aviation, Life, Health, and Property classes. and others. With her extensive expertise and dedication, she earned prestigious Fellow and Associate memberships at the Insurance Institute of India and the Chartered Insurance Institute, London, respectively.
Financial Services Institutions Bureau (FSIB)
Financial Services Institutions Bureau (FSIB)
Introduction to FSIB
The Financial Services Institutions Bureau (FSIB) was established by the Central Government of India, replacing the Bank Board Bureau (BBB) effective from July 1, 2022. FSIB recommend potential candidates for key positions in financial institutions such as public sector banks, financial institutions, and insurance companies.
Functions of FSIB:
Recommending candidates for appointment to the Boards of Directors of Public Sector Banks (PSBs), Financial Institutions (FIs), and Public Sector Insurers (PSI) as Whole-Time Directors (WTDs) and Non-Executive Chairpersons (NECs).
Providing advice to the government on matters related to directors’ nominations, transfers, extensions of terms, and termination of services.
Advising on the ideal management structure for PSBs, FIs, and PSIs at the board level.
Offering guidance on an effective system for WTDs and NECs in PSBs, FIs, and PSIs.
Establishing a database on the performance of PSBs, FIs, and PSIs.
Advising on the creation and implementation of ethics and conduct codes for full-time directors.
Assisting in developing management training and development programs for personnel.
Aiding PSBs, FIs, and PSIs in formulating business plans and capital raising strategies.
Facilitating the process and creating a panel for consideration of additional financial institutions referred by the government.
Structure of FSIB:
Chairperson: Nominated by the Central Government, with qualifications such as retired banking sector/regulatory official, reputable businessperson with financial sector knowledge, or a public administrator with 25+ years of banking/financial experience.
Members (ex-officio):
Secretary, Department of Financial Services
Secretary, Department of Public Enterprises
Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI) or the senior-most whole-time member of IRDAI if the Chairperson’s office is vacant
A Deputy Governor of the Reserve Bank of India (RBI)
Members (part-time, non-government):
Three individuals nominated by the Central Government possessing subject matter expertise related to PSBs and FIs.
Who is appointed as next CMD of New India Assurance?
Financial Services Institutions Bureau (FSIB) appointed Girija Subramanian as next CMD of New India Assurance
