The Government has constituted the Financial Services Institutions Bureau (FSIB) with a seven-member panel to oversee appointments and governance across public sector financial institutions. According to the latest resolution issued by the Department of Financial Services on October 16, Subhas Chandra Lal Das, a retired 1992-batch IAS officer of the AGMUT cadre, has been appointed as Part-Time Chairman of FSIB. The appointments are effective from the date of notification and will remain in force for three years or until further orders, whichever is earlier. As per the latest government order, Das will be helped by six members for the selection of directors of state-owned banks and financial institutions.
The seven-member panel includes distinguished financial sector veterans with extensive experience across banking, insurance, and regulatory bodies. The members include Arijit Basu, former Managing Director of State Bank of India; Satish Kashinath Marathe, former Director of the Central Board of the Reserve Bank of India; Ramanathan Subramanian, former Executive Director of RBI; Siddhartha Mohanty, former CEO & MD of Life Insurance Corporation of India; Neeja Kapur, former Chairman & Managing Director of New India Assurance Co. Ltd; and T.L. Alamelu, former Whole-Time Member (Non-Life) of Insurance Regulatory and Development Authority of India. According to the latest resolution, the first three members will handle matters relating to public sector banks (PSBs) and financial institutions, while the remaining three will oversee matters concerning public sector insurers.
According to the latest government resolution, the FSIB was constituted in 2022 under the Department of Financial Services to recommend appointments for whole-time directors and non-executive chairpersons on boards of public sector banks, financial institutions, and public sector insurers. The bureau's core mandate includes advising the Government on appointments, transfers, extensions of term, and termination of services for directors in these institutions. Additionally, FSIB is tasked with advising on desired management structure at board level for PSBs, FIs, and PSIs, and building a databank containing performance data related to these institutions. As per the latest resolution, the bureau also advises on board-level management structures, performance appraisal systems, and training and development programmes for management personnel. The resolution, signed by Sanjay Kumar Mishra, under secretary to the government of India, directs that the appointments be published in the Gazette of India for general information and sent to concerned institutions including RBI and IRDAI.
