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With reference to the Financial Services Institution Bureau, consider the following statements:
- It is set up under the Department of Financial Services (DFI).
- It is entrusted with making recommendations for the appointment of full-time directors of state-run financial services institutions.
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 'C'. Can you explain this answer?
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With reference to the Financial Services Institution Bureau, consider ...
Financial Services Institution Bureau (FSIB) - Functions and Purpose
The Financial Services Institution Bureau (FSIB) is a specialized body set up under the Department of Financial Services (DFS) to make recommendations for the appointment of full-time directors of state-run financial services institutions.
Statement 1: It is set up under the Department of Financial Services (DFI).
This statement is correct. The FSIB is a specialized body set up under the Department of Financial Services (DFS), which is a part of the Ministry of Finance. The DFS is responsible for overseeing the functioning of various financial services institutions in India, including banks, insurance companies, and pension funds.
Statement 2: It is entrusted with making recommendations for the appointment of full-time directors of state-run financial services institutions.
This statement is also correct. The FSIB is responsible for identifying and recommending suitable candidates for the post of full-time directors of state-run financial services institutions, such as banks, insurance companies, and pension funds. The FSIB plays a crucial role in ensuring that these institutions are led by competent and experienced professionals who can effectively manage their operations and ensure their growth and stability.
Therefore, both the statements given in the question are correct, and the correct answer is option C, i.e., both 1 and 2.
The Financial Services Institution Bureau (FSIB) is a specialized body set up under the Department of Financial Services (DFS) to make recommendations for the appointment of full-time directors of state-run financial services institutions.
Statement 1: It is set up under the Department of Financial Services (DFI).
This statement is correct. The FSIB is a specialized body set up under the Department of Financial Services (DFS), which is a part of the Ministry of Finance. The DFS is responsible for overseeing the functioning of various financial services institutions in India, including banks, insurance companies, and pension funds.
Statement 2: It is entrusted with making recommendations for the appointment of full-time directors of state-run financial services institutions.
This statement is also correct. The FSIB is responsible for identifying and recommending suitable candidates for the post of full-time directors of state-run financial services institutions, such as banks, insurance companies, and pension funds. The FSIB plays a crucial role in ensuring that these institutions are led by competent and experienced professionals who can effectively manage their operations and ensure their growth and stability.
Therefore, both the statements given in the question are correct, and the correct answer is option C, i.e., both 1 and 2.
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With reference to the Financial Services Institution Bureau, consider ...
Recently, the Financial Services Institution Bureau (FSIB) has selected new chiefs for the General Insurance Corporation of India (GIC Re) and National Insurance Company (NIC).
- What is it? It’s a government body set up under the Department of Financial Services (DFI) by replacing the Bank Board’s Bureau (BBB).
- Structure:
- It is headed by a chairman who is nominated by the central government.
- 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.
The 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 chairmen 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.
- It would also issue guidelines for selecting general managers and directors of public sector general insurance companies
Hence both statements are correct.
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With reference to the Financial Services Institution Bureau, consider the following statements: It is set up under the Department of Financial Services (DFI). It is entrusted with making recommendations for the appointment of full-time directors of state-run financial services institutions.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 'C'. Can you explain this answer?
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