{"id":4904,"date":"2023-01-15T11:44:47","date_gmt":"2023-01-15T06:14:47","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=4904"},"modified":"2025-03-27T03:08:03","modified_gmt":"2025-03-26T21:38:03","slug":"what-is-the-financial-services-institutions-bureau-fsib","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-the-financial-services-institutions-bureau-fsib\/","title":{"rendered":"What is the Financial Services Institutions Bureau (FSIB)?"},"content":{"rendered":"<h2><strong>About Financial Services Institutions Bureau (FSIB)<\/strong><\/h2>\n<ul>\n<li><strong>What is it?<\/strong> It\u2019s a government body <strong>set up under the Department of Financial Services.\u00a0<\/strong><\/li>\n<li>It <strong>replaced the Bank Board\u2019s Bureau (BBB)<\/strong> which was declared an incompetent authority.<\/li>\n<li><strong>Structure<\/strong>:\u00a0<\/li>\n<li>FSIB would be <strong>headed by a chairman<\/strong>, a <strong>central government nominee.<\/strong>\u00a0<\/li>\n<li>The <strong>board would comprise the Secretaries of the DFS, the chairman of IRDAI, and a deputy governor of the RBI.\u00a0<\/strong><\/li>\n<li>Additionally, it will have <strong>three part-time members<\/strong> who are experts in banking and three more from the insurance sector.\u00a0<\/li>\n<li><strong>Primary role of FSIB:<\/strong><\/li>\n<li>To i<strong>dentify manpower capabilities and ensure proper selection of talent for senior positions at financial institutions<\/strong> owned by the government.<\/li>\n<li>It is entrusted with <strong>making recommendations for the appointment of full-time directors and non-executive chairman of state-run financial services institutions<\/strong>.<\/li>\n<li>The <strong>final decision on the FSIB recommendation <\/strong>would be <strong>taken by the Appointments Committee of the Cabinet <\/strong>headed by the Prime Minister<strong>.<\/strong><\/li>\n<li><strong>Other Mandates of FSIB:\u00a0<\/strong><\/li>\n<li>It would also <strong>issue guidelines for selecting general managers and directors of public sector general insurance companie<\/strong>s.\u00a0<\/li>\n<li>It will also be involved in <strong>formulating and developing business strategies for state-run banks<\/strong> and help them in their fund-raising plans.\u00a0\u00a0<\/li>\n<li>It would also <strong>monitor and assess the performance of public sector banks,<\/strong> government-owned financial institutions and insurance companies.\u00a0\u00a0<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1<strong>)<\/strong>\u00a0What is the role of executive directors in a Banking Company?<\/h3>\n<p>The executive directors are appointed in a dual capacity\u2212 firstly , as the company\u2019s employee, and second as members of the board of directors. Their responsibility is to bring an insider\u2019s perspective while managing the day-to-day operations of the company.<br \/>\n<strong>Source:\u00a0<\/strong><a href=\"https:\/\/www.thehindu.com\/business\/fsib-recommends-names-for-md-posts-of-bank-of-baroda-bank-of-india\/article66378959.ece\" target=\"_blank\" rel=\"nofollow noopener\"><u>FSIB recommends names for MD posts of Bank of Baroda, Bank of India<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FSIB is tasked with making recommendations for directors of state-owned banks and financial institutions.<\/p>\n","protected":false},"author":5,"featured_media":4905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-4904","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/4904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=4904"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/4904\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/4905"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=4904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=4904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=4904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}