Pareto Academy
Log inStart free
Banking & RBI

Financial Services Institutions Bureau (FSIB)

The government body that recommends heads and directors for public sector banks, financial institutions and public sector insurers; exams ask what it replaced, who chairs it and what it selects.

Pareto Academy · updated 26 October 2026

At a glance

The Financial Services Institutions Bureau (FSIB) is the body that interviews and recommends candidates for top jobs in state-owned financial firms: public sector banks (PSBs), public financial institutions and public sector insurance companies. It replaced the Banks Board Bureau (BBB) in 2022. The FSIB only recommends; the final decision is taken by the government through the Appointments Committee of the Cabinet (ACC).

Key facts

  • Set up: by government resolution, gazetted 1 July 2022
  • Replaced: Banks Board Bureau (set up in 2016)
  • Administrative department: Department of Financial Services (DFS), Ministry of Finance
  • Chairperson (from 16 October 2026): Subhas Chandra Lal (SCL) Das, part-time, for three years
  • Previous chairperson: Bhanu Pratap Sharma (tenure ended 30 June 2026)
  • Part-time members named in October 2026: six, including Arijit Basu, Satish Marathe and Ramanathan Subramanian (banks and FIs)
  • Ex-officio members: include the Secretary, Department of Financial Services
  • Final approval of appointments: Appointments Committee of the Cabinet

How it works

  • Who it selects for: whole-time directors (MD & CEO, executive directors) and non-executive chairpersons of PSBs, financial institutions such as NABARD, SIDBI and EXIM Bank, and public sector general and life insurers.
  • Process: DFS refers a vacancy, the FSIB interviews shortlisted candidates and recommends a name (often with a reserve), and the ACC approves.
  • Other roles: it can advise on personnel and performance-management matters in these institutions.
  • Why it was created: in 2021 the Delhi High Court held that the BBB was not a competent body to select directors of public sector general insurers. The government then set up the FSIB with a wider mandate that covers insurers too.
Banks Board Bureau FSIB
Set up 2016 2022
Covers PSBs, FIs PSBs, FIs and public sector insurers
Final say ACC ACC

Timeline

  • 2016: Banks Board Bureau begins work, as part of the Indradhanush plan for PSBs
  • 2021: Delhi High Court ruling on the BBB and insurers
  • 2022: FSIB created by government resolution (1 July)
  • 2026: FSIB reconstituted; SCL Das named chairperson (16 October)

Recent developments

  • 16 Oct 2026: The ACC reconstituted the FSIB and appointed SCL Das, a retired 1992-batch IAS officer (AGMUT cadre) and former MSME Secretary, as part-time chairperson for three years. Six part-time members were also named. The posts had been vacant since 30 June 2026.

Exam traps

  • The FSIB recommends; the ACC appoints. Neither the FSIB nor the RBI appoints PSB chiefs.
  • FSIB is not a statutory body; it was created by a government resolution.
  • FSIB covers insurers, which the old BBB did not; private bank CEOs are approved by the RBI, not the FSIB.
  • Do not mix up FSIB (appointments) with FSDC (Financial Stability and Development Council, chaired by the Finance Minister).

Quick check

  • Q: Which body did the FSIB replace? A: The Banks Board Bureau.
  • Q: Who was named FSIB chairperson in October 2026? A: SCL Das.
  • Q: Who gives final approval to PSB chief appointments? A: The Appointments Committee of the Cabinet.

Further reading

Sources

In the news

Every time this topic has appeared in our current affairs, newest first:

  1. Week of 15–21 October 2026SCL Das named chairperson of the reconstituted FSIB