PSU insurance top brass to undergo an overhaul, ED posts to replace GMD seats.

Syllabus: GS-III

Subject: Financial Markets

Topic: Financial Institutions, organizations and committees.

Synopsis:

  • Executive Directors (EDs) will replace General Managers and Directors (GMDs).
  • The new ED structure mirrors that of PSU banks.
  • The Financial Services Institutions Bureau (FSIB) will select E.Ds.

Institution in News (Prelims):

Financial Services Institutions Bureau (FSIB)

It’s the Financial Services Institutions Bureau (FSIB), established under the Department of Financial Services (DFs) to replace the Bank Board’s Bureau (BBB). Members:

·         Chairman appointed by the central government.

·         Board includes Secretaries of DFS, a chairman of IRDAI, and a deputy governor of RBI.

Aim:  Search and Select appropriate personages for the Board of Public Sector Banks, Public Sector Financial Institutions, and Public Sector Insurance Companies.

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