Consider the following statements regarding the

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.