The government has transformed Banks Board Bureau (BBB), the headhunter for directors of state-owned banks and financial institutions, into Financial Services Institutions Bureau (FSIB) by making some amendments. The Appointments Committee of the Cabinet (ACC) headed by the Prime Minister has approved the establishment of FSIB. This new entity, which will be headed by former Banks Board Bureau Chairman Bhanu Pratap Sharma for two years, will also make recommendations for selection of General Managers and Directors in non-life PSIs. The ACC has also approved the appointment of part-time, non-government members for matters relating to PSBs and FIs on FSIB for a term of two years. Animesh Chauhan, former Chairman and Managing Director of Oriental Bank of Commerce, has been appointed as Member of FSIB in the ex-banker from public sector category. Shailendra Bhandari, former Managing Director & CEO of ING Vysya Bank, has been appointed as Member of FSIB in the ex-banker from Private Sector category.
