FSIB Announces New Leadership for GIC Re and NIC
The Financial Services Institution Bureau (FSIB) has selected N Ramaswamy, General Manager, General Insurance Corporation of India (GIC Re), as the next Chairman and MD (CMD) of the company while M Rajeswari Singh, General Manager & Director (GMD), United India Insurance, has been chosen as the CMD of National Insurance Company (NIC).
After due approval of the Appointments Committee of Cabinet (ACC), Ramaswamy will get a two-year term. The post of CMD at GIC Re will fall vacant after Devesh Srivastav completes his four-year tenure in September-end after reaching 60 while NIC CMD post will be filled up after Suchita Gupta leaves in August end. FSIB has chosen Sat Pal Bhanoo and R. Doraiswamy as new managing directors of Life Insurance Corporation.
FSIB: An Overview
The Financial Services Institution Bureau (FSIB) is an autonomous body of the Government of India. It was established in 2017 with the objective of improving the governance and performance of financial institutions in India. The FSIB has the following powers and functions:
- To recommend persons for appointment as whole-time directors and non-executive chairpersons on the boards of financial institutions.
- To advise on certain other matters relating to personnel management in financial institutions.
- To monitor the performance of financial institutions and to take appropriate action, if necessary.
- To promote good governance practices in financial institutions.
The FSIB is headed by a chairman who is appointed by the government. The chairman is assisted by a vice-chairman and a number of other members. The FSIB has its headquarters in Mumbai and regional offices in Delhi, Kolkata, Chennai, and Bengaluru.
The Role of FSIB in Improving Governance and Performance of Financial Institutions in India
The FSIB has been playing an important role in improving the governance and performance of financial institutions in India. It has helped to improve the selection process for board members, to strengthen the internal control systems of financial institutions, and to promote good corporate governance practices. The FSIB has also played a role in resolving the crisis in the non-banking financial sector.