The Government has nominated seven members, including Subhas Chandra Lal Das to the Financial Services Institutions Bureau (FSIB)
The Government has nominated seven members, including Subhas Chandra Lal Das, former Secretary, MSME Ministry; Arijit Basu, former Managing Director, State Bank of India; and Satish K Marathe, former Director, Central Board of the Reserve Bank of India, to the Financial Services Institutions Bureau (FSIB).
Lal, who is also Chairman of the Delhi Electricity Regulatory Commission, has been appointed as Part-Time Chairman of FSIB.
Besides Basu and Marathe, other Members of the Bureau include R Subramanian, former Executive Director, RBI; Siddhartha Mohanty former CEO & MD, Life Insurance Corporation of India; Neeja Kapur, former Chairman & Managing Director, New India Assurance Co. Ltd; and T. L. Alamelu, former Whole-Time Member (Non-Life), Insurance Regulatory and Development Authority of India.
The aforementioned appointment are for a period of three years, with effect from the date of notification of this resolution, or until further orders, whichever is earlier.
In 2022, the Central Government constituted the FSIB for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of Directors in Public Sector Banks, financial institutions and Public Sector Insurers.
FSIB’s mandate includes advising the Government on matters relating to appointments, transfer or extension of term of office and termination of services of the said directors; advise the Government on the desired management structure at the Board level for PSBs, FIs and PSIs; build a databank containing data related to the performance of PSBs, FIs and PSIs; among others.
Published on October 17, 2026