New Student Offer - HELLO

Join Here

Govt revamps Banks Board into Financial Services Institutions Bureau

Published on July 02, 2022
Current Context: The government has transformed Banks Board Bureau (BBB), into Financial Services Institutions Bureau (FSIB) by making some amendments.
Govt revamps Banks Board into Financial Services Institutions Bureau
  • Besides, general managers and directors of public sector general insurance companies have been made part of FSIB.
  • The decision of amendments was taken as the BBB is not a competent body to select the general managers and directors of state-owned general insurers.
  • The amendment has been done to Nationalized Banks (Management and Miscellaneous Provisions) Scheme of 1970 with the approval of the Finance Minister.
  • The Appointments cabinet committee has also approved the appointment of Bhanu Pratap Sharma, as the initial chairperson of FSlB for two years.
  • Earlier in 2016 PM approved the constitution of BBB which makes recommendations for appointing whole-time directors as well as non-executive chairpersons of public sector banks (PSBs) and state-owned financial institutions.

Question:

Q.1 Recently the government converted Bank Boards Bureau into FSIB by making amendments to the following act?
a. Banking Regulations Act 1949
b. Nationalized Banks (Management and Miscellaneous Provisions) Act
c. Reserve Bank of India Act 1935
d. Banking Companies (Acquisition and Transfer of Undertaking) Act, 1969
ebook store

About Me

Ramandeep Singh

Ramandeep Singh - Educator

I'm Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and over 5000 successful selections, I understand the path to success firsthand, having transitioned from Dena Bank and SBI. I'm passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu