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. |
