The newly-constituted Financial Services Institutions Bureau (FSIB) — a single autonomous professional body — has recommended 14 candidates to the panel from which Executive Directors (EDs) would be appointed — as and when vacancy arises — for various Public Sector Banks (PSBs) for the year 2022-23.

The FSIB had interfaced with 57 candidates from various PSBs between August 19-23, 2022 for the position of Executive Directors. The recommended candidates are Lalit Tyagi, Binod Kumar, Ashok Chandra, Ramasubramanian S, Mahesh Kumar Bajaj, M Paramasivam, Subrat Kumar, Malladi Venkat Murali Krishna, Rajendra Kumar Saboo, Sanjay Vinayak Mudaliyar, Hardeep Singh Ahluwalia, Ashutosh Choudhury, Sanjay Rudra and Lal Singh.

This panel will be operated in the financial year 2022-23, subject to availability of vacancies in the Panel Year 2022-23, the FSIB has said.

Scope of FSIB

It maybe recalled that the newly-created FSIB has a much broader remit than the erstwhile Banks Board Bureau (BBB), which has now been subsumed into FSIB.

The scope of FSIB functioning has been extended by the Centre to Public sector insurers (PSIs), Financial Institutions (FIs), besides PSBs. Not only will FSIB recommend persons for appointment on the Boards of PSBs, FIs and PSI, this professional body will also advise the government on extension of terms and even termination of services for WTD, NEC across public sector entities in financial services institutions.

The 11-member FSIB will advise the government on formulation and enforcement of a code of conduct and ethics for full-time directors and NECs in PSBs, FIs and PSIs. It will also build them a databank containing data related to the performance of these institutions. FSIB will also help PSBs, FIs and PSIs in developing business strategies and capital raising plans.

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