For insurance sector appointment, Usha Sangwan, former Managing Director, LIC, A.V. Girija Kumar, former Chairman and Managing Director, Oriental Insurance Company Ltd and Sujay Banarji, former whole-time member (distribution), IRDAI, too have been given extension as part-time members
New Delhi: The government has extended the tenure of the chairperson and other members of Financial Services Institutions Bureau(FSIB), the headhunter for directors of state-owned banks and financial institutions, by another one year-till June 30, 2026.
The FSIB is headed by Bhanu Pratap Sharma, former secretary of Department of Personnel and Training (DoPT).
With the extension, chairperson and other members would continue to serve the Bureau till June 30, 2026.
The Appointments Committee of the Cabinet has approved the extension of the term of following incumbent chairperson and part-time members of the FSIB, for a further period of one year beyond June 30, 2025, that is with effect from July 1, 2025 up to June 30, 2026 or until further orders, an official notification said.
The term of FSIB) was extended by one year last year as well.
For insurance sector appointment, Usha Sangwan, former Managing Director, LIC, A.V. Girija Kumar, former Chairman and Managing Director, Oriental Insurance Company Ltd and Sujay Banarji, former whole-time member (distribution), IRDAI, too have been given extension as part-time members.
Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI’s ex-executive director Deepak Singhal, and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.
Sharma was appointed as Chairman of the Banks Board Bureau (BBB) the earlier avatar of FSIB in 2018, replacing first chairman Vinod Rai on completion of the latter’s two-year term.
In 2022, the government transformed the BBB into the Financial Services Institutions Bureau (FSIB) by making some amendments.
Guidelines for the selection of executive directors directors of public sector general insurance companies have been made part of FSIB.