With the extension, chairperson and other members would continue to serve the Bureau till June 30, 2026.
FSIB is headed by Bhanu Pratap Sharma, former secretary of Department of Personnel and Training (DoPT).
The Appointments Committee of the Cabinet has approved the extension of the term of following incumbent chairperson and part-time members of the FSIB, for a further period of one year beyond June 30, 2025, that is with effect from July 1, 2025 up to June 30, 2026 or until further orders, an official notification said.
The term of Financial Services Institutions Bureau (FSIB) was extended by one year last year as well.
Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI’s ex-executive director Deepak Singhal, and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.For insurance sector appointment, Usha Sangwan, former Managing Director, LIC, A V Girija Kumar, former Chairman and Managing Director, Oriental Insurance Company Ltd and Sujay Banarji, former whole-time member (distribution), Irdai too have been given extension as part-time members.Sharma was appointed as Chairman of the Banks Board Bureau (BBB) the earlier avatar of FSIB in 2018, replacing first chairman Vinod Rai on completion of the latter’s two-year term.
In 2022, the government transformed the BBB into the Financial Services Institutions Bureau (FSIB) by making some amendments. Guidelines for the selection of general managers and directors of public sector general insurance companies have been made part of FSIB.
FSIB as a single entity for making recommendations for appointments of whole-time directors and non-executive chairman of banks and financial institutions.
On the basis of recommendations of FSIB, the ACC headed by the Prime Minister considers and approves appointments.
The Prime Minister, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for the appointment of whole-time directors as well as non-executive chairpersons of public sector banks (PSBs) and state-owned financial institutions.
