- GS-2: Statutory, regulatory and various quasi-judicial bodies.
- GS-3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development
Context: The government has transformed Banks Board Bureau (BBB), the headhunter for directors of state-owned banks and financial institutions, into Financial Services Institutions Bureau (FSIB) by making some amendments.
- The Appointments Committee of the Cabinet (ACC) has asked the Department of Financial Services to carry out necessary modifications in the Nationalized Banks (Management and Miscellaneous Provisions) Scheme of 1970/1980 with the approval of Finance Minister, and then notify the government resolution for establishing FSIB.
Mains Practice Question – In the context of the Delhi High Court order on the powers of Banks Board Bureau (BBB), government has established Financial Services Institutions Bureau (FSIB) to replace BBB. Elaborate.
Note: Write answers to this question in the comment section.