News Excerpt:
The Financial Services Institutions Bureau (FSIB), has recommended Challa Sreenivasulu Setty as the next Chairman of the State Bank of India.
More About News
- SBI’s current Chairman, Dinesh Kumar Khara, is set to retire on August 28,2024. Challa Sreenivasulu Setty, who was appointed Chairman on October 7, 2020, received an extension in October 2023. He is currently serving as a Managing Director, oversees international banking, global markets, and technology at SBI.
- The final appointment decision will be made by the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister.
|
About Financial Services Institutions Bureau (FSIB):
- FSIB was established by the Central Government, effective July 1, 2022.
- It’s a government body set up under the Department of Financial Services.
- It replaced Banks Board Bureau (BBB) after it was declared an incompetent authority by the Delhi High Court in 2021.
- Its purpose is to recommend candidates for appointment as whole-time directors and non-executive chairpersons on the Public Sector Banks, Public Sector Financial Institutions, and Public Sector Insurance Companies.
- Provide recommendations to the Government regarding appointments, transfers, term extensions, and termination of directors' services.
- Advise the Government on optimal management structures at the Board level for Public Sector Banks (PSBs), Financial Institutions (FIs), and Public Sector Insurance companies (PSIs).
- Establish and maintain a databank with performance data related to PSBs, FIs, and PSIs.
- Offer guidance to the Government on designing appropriate training and development programs for management personnel in PSBs, FIs, and PSIs.
- Assist PSBs, FIs, and PSIs in developing business strategies and capital-raising plans.
- The Bureau is chaired by Bhanu Pratap Sharma.
|
