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Question

Consider the following statements regarding the Financial Services Institution Bureau (FSIB):

I. It will accompany the Banks Board Bureau (BBB).

II. Its jurisdiction will be similar to the BBB.

III. The FSIB will select the chiefs of public sector banks and private sector banks.

Which of the following given above is/are not correct?

A I only Correct Answer Incorrect Answer
B II only Correct Answer Incorrect Answer
C III only Correct Answer Incorrect Answer
D Both I and II Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

Financial Services Institutions Bureau (FSIB) Cabinet Appointments Committee (ACC) has passed a government resolution to establish the Financial Services Institutions Bureau (FSIB) in place of the Banks Board Bureau (BBB). The new framework was proposed by the Department of Financial Service, Ministry of Finance. The FSIB will have the clear mandate to issue guidelines and select general managers and directors of state-run non-life insurers, general insurers and Financial Institutions. FSIB will be the single entity for making recommendations for appointments of WTD (Whole-time Director) and NEC (Non-executive Chairman) in Public Sector Banks, India Private Limited company and Financial Institutions. Juridiction of FSIB will be larger than BBB.

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