BBB revamped into Financial Services Institution Bureau
On 1st July, 2022, the government revamped the Banks Board Bureau (BBB) into Financial Services Institutions Bureau (FSIB) by making some amendments.
Need for Revamping
- Incompetent Body: In 2021, Delhi High Court observed that the bureau was not a competent body to recommend appointments at PSU general insurers, and held that circulars enabling BBB to select general managers and directors of PSU insurers were not legally valid. Thus, the need for an overhaul.
- Slow Recruitment Process: Despite the BBB’s good work, recruitment to a higher level has been slow.
About Financial Services Institutions Bureau (FSIB)
Organizational Structure
- The FSIB ....
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