The Centre appointed Subhas Chandra Lal Das as the FSIB chairperson for three years. The government also named several former bankers, RBI officials, and insurance experts as part-time members. This team will help select top leaders for public sector banks and insurance companies, ensuring these important financial institutions get strong guidance.
The Centre appoints Subhas Chandra Lal Das as FSIB chairperson for three years, along with former bankers, RBI officials and insurance-sector executives as part-time members.
His three-year tenure will take effect from the date of notification of his appointment or until further orders, whichever is earlier, according to a government order.
The ACC has also approved the appointment of three part-time members to the FSIB for matters relating to public sector banks (PSBs) and financial institutions (FIs). They are Arijit Basu, former Managing Director of the State Bank of India; Satish Kashinath Marathe, former Director of the RBI Central Board; and Ramanathan Subramanian, former Executive Director of the Reserve Bank of India.
Basu and Marathe have been appointed under the ex-bankers category, while Subramanian represents the former regulator category.
Their appointments will be for three years from the date of notification or until further orders, whichever is earlier.
FSIB's primary role is to identify and recommend candidates for Whole-Time Director (WTD) and Non-Executive Chairperson (NEC) positions in public sector banks (PSBs), public sector insurance companies and financial institutions, including NABARD, SIDBI, EXIM Bank and the National Bank for Financing Infrastructure and Development (NaBFID).
For matters relating to public sector insurers (PSIs), the ACC has approved the appointment of Siddhartha Mohanty, former CEO and Managing Director of the Life Insurance Corporation of India (LIC), representing the life insurance specialisation category; Neerja Kapur, former Chairperson-cum-Managing Director of New India Assurance Company Ltd. (NIACL), representing the non-life insurance specialisation category; and T. L. Alamelu, former Whole-Time Member (Non-Life) of the Insurance Regulatory and Development Authority of India (IRDAI), under the former regulator category.
The three insurance-sector members will also serve for a period of three years from the date of notification of their appointments or until further orders, whichever is earlier.