The Central government has decided to set up Financial Services Institutions Bureau (FSIB) as a single entity for appointments of Wholetime Directors and Non-Executive Directors in public sector banks (PSBs), public sector insurers (PSIs) and financial institutions (FIs).
This new entity will be headed by former Chairman of Banks Board Bureau, Bhanu Pratap Sharma for 2 years. The Cabinet committee, headed by the Prime Minister has approved the establishment of FSIB.