Finance Ministry appoints Subhas Chandra Lal Das as part-time chairman of FSIB | Today’s news
New Delhi: The Finance Ministry has appointed former Indian Administrative Service (IAS) officer Subhas Chandra Lal Das as the Chairman of the Financial Services Institutions Bureau (FSIB) for three years on a part-time basis along with six part-time members, according to a resolution issued by the Ministry of Financial Services on 16
The appointment will take effect on the date of notification of the resolution or until further orders, whichever occurs first, the resolution states.
The six members include Arijit Basu, former managing director of State Bank of India (SBI); Satish Kashinath Marathe, former Director of the Central Board of the Reserve Bank of India (RBI); and Ramanathan Subramanian, former RBI Executive Director.
The other members are Siddhartha Mohanty, former Managing Director and Managing Director of Life Insurance Corporation of India (LIC); Neerja Kapur, former chairman and managing director of New India Assurance Co. Ltd (NIACL); and TL Alamelu, Former Permanent Member (Non-Life) Insurance Regulatory and Development Authority of India (Irdai).
According to this resolution, Basu, Marathe and Subramanian will deal with matters related to public sector banks (PSBs) and financial institutions. Mohanty, Kapur and Alamelu will oversee matters relating to public sector insurers.
Das is a retired IAS officer of 1992 batch of AGMUT cadre. The appointment was made in accordance with paragraph 5 of the Government Resolution of July 1, 2022.
A query sent to the Ministry of Finance seeking an immediate response remained unanswered till press time.
mandate of the FSIB
Established under the Department of Financial Services in the Ministry of Finance with effect from 1 July 2022, the FSIB replaced the Board of Governors and inherited its assets, liabilities and functions.
Its primary role is to recommend candidates for appointment as whole-time directors and non-executive chairmen on the boards of public sector banks, financial institutions and insurance companies. It also advises the government on related personnel matters, including transfers, tenure extensions and terminations of directors.
The firm also advises on board-level governance structures, performance appraisal systems, and executive training and development programs. It can assist institutions with business strategies and capital raising plans.
Signed by Sanjay Kumar Mishra, Under Secretary to the Government of India, the resolution directs that the appointments be published in the Gazette of India for general information. Copies are also to be sent to the concerned public sector banks, financial institutions and insurers as well as the RBI and the Insurance Regulatory and Development Authority of India (Irdai).
