PSU insurance top brass to undergo an overhaul, ED posts to replace GMD seats.
PSU insurance top brass to undergo an overhaul, ED posts to replace GMD seats.
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La Excellence IAS Academy | January 29, 2024 | Financial Markets
Syllabus: GS-III
Subject: Financial Markets
Topic: Financial Institutions, organizations and committees.
Synopsis:
- Executive Directors (EDs) will replace General Managers and Directors (GMDs).
- The new ED structure mirrors that of PSU banks.
- The Financial Services Institutions Bureau (FSIB) will select E.Ds.
Institution in News (Prelims):
| Financial Services Institutions Bureau (FSIB)
It’s the Financial Services Institutions Bureau (FSIB), established under the Department of Financial Services (DFs) to replace the Bank Board’s Bureau (BBB). Members: · Chairman appointed by the central government. · Board includes Secretaries of DFS, a chairman of IRDAI, and a deputy governor of RBI. Aim: Search and Select appropriate personages for the Board of Public Sector Banks, Public Sector Financial Institutions, and Public Sector Insurance Companies. |
Source: Indian Express
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