Govt. constitutes ‘FSIB’ to recommend persons for financial services institutions
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- Last Updated on 4 July, 2022
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Notification no: F. No. 14/1/2022-BO-I, Dated 01.07.2022.
The Government has constituted a new authority named Financial Services Institutions Bureau (FISB). The FISB will recommend persons for appointment as Whole-Time Directors (WTDs) and Non-Executive Chairpersons (NECs) on the Boards of various financial service institutions like Public Sector Banks, financial institutions and Public Sector Insurers. FISB will also advise on certain other matters relating to personnel management in these institutions. A fee of Rs. 50,000 per sitting shall be payable to the chairperson and part-time members.
The functions of the FISB will include the following:
(a) To recommend persons for appointment as whole-time directors (WTDs) and non-executive chairpersons (NECs) on the Boards of various financial institutions.
(b) To advise the Government on matters relating to appointments, transfer or extension of term of office and termination of services of the said directors.
(c) To advise the Government on the desired management structure at the Board level for the various financial institution.
(d) To advise the Government on a suitable performance appraisal system for WTDs and NECs and formulation and enforcement of a code of conduct and ethics for them.
(e) To build a databank containing data related to the performance of the financial institutions
(f) To advise the Government on evolving suitable training and development programmes for management personnel in financial service institutions
(g) To help financial service institutions in terms of developing business strategies and capital raising plans etc.
Click Here To Read The Full Notification
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