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With reference to the Financial Services Institutions Bureau (FSIB), consider the following statements:
  1. FSIB will making recommendations for the appointment of full-time directors and non-executive chairman of all Scheduled Commercial Banks (SCB’s)
  2. Final decision on the FSIB recommendation would be taken by the Cabinet Committee on Economic Affairs.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
With reference to the Financial Services Institutions Bureau (FSIB), c...
). The FSIB will also be responsible for monitoring the performance of SCBs and taking necessary actions in case of underperformance.

1. The FSIB will be responsible for appointing full-time directors and non-executive chairman of SCBs.
2. The FSIB will monitor the performance of SCBs and take necessary actions in case of underperformance.

Both statements are correct. The FSIB will indeed make recommendations for the appointment of full-time directors and non-executive chairman of all Scheduled Commercial Banks (SCBs). Additionally, the FSIB will also be responsible for monitoring the performance of SCBs and taking necessary actions in case of underperformance.
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Community Answer
With reference to the Financial Services Institutions Bureau (FSIB), c...
The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, recently recommended names for the posts of managing directors of Bank of Baroda and Bank of India.
About Financial Services Institutions Bureau (FSIB)
  • What is it? It’s a government body set up under the Department of Financial Services.
  • It replaced the Bank Board’s Bureau (BBB) which was declared an incompetent authority.
  • Structure:
  • FSIB would be headed by a chairman, a central government nominee.
  • The board would comprise the Secretaries of the DFS, the chairman of IRDAI, and a deputy governor of the RBI.
  • Additionally, it will have three part-time members who are experts in banking and three more from the insurance sector.
  • Primary role of FSIB:
  • To identify manpower capabilities and ensure proper selection of talent for senior positions at financial institutions owned by the government.
  • It is entrusted with making recommendations for the appointment of full-time directors and non-executive chairman of state-run financial services institutions.
  • The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by the Prime Minister.
Hence both statements are not correct.
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With reference to the Financial Services Institutions Bureau (FSIB), consider the following statements: FSIB will making recommendations for the appointment of full-time directors and non-executive chairman of all Scheduled Commercial Banks (SCB’s) Final decision on the FSIB recommendation would be taken by the Cabinet Committee on Economic Affairs.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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With reference to the Financial Services Institutions Bureau (FSIB), consider the following statements: FSIB will making recommendations for the appointment of full-time directors and non-executive chairman of all Scheduled Commercial Banks (SCB’s) Final decision on the FSIB recommendation would be taken by the Cabinet Committee on Economic Affairs.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Financial Services Institutions Bureau (FSIB), consider the following statements: FSIB will making recommendations for the appointment of full-time directors and non-executive chairman of all Scheduled Commercial Banks (SCB’s) Final decision on the FSIB recommendation would be taken by the Cabinet Committee on Economic Affairs.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Financial Services Institutions Bureau (FSIB), consider the following statements: FSIB will making recommendations for the appointment of full-time directors and non-executive chairman of all Scheduled Commercial Banks (SCB’s) Final decision on the FSIB recommendation would be taken by the Cabinet Committee on Economic Affairs.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
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