- 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
