The Financial Services Institutions Bureau (FSIB) has suggested that Ashwani Kumar, an executive director at Indian Bank, be appointed as the managing director of UCO Bank. Kumar has previously held positions at several other public sector banks, including Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, and Punjab National Bank (PNB). The FSIB interviewed 11 candidates from various PSBs for the role of MD & CEO. The final decision on the appointment will be made by the Appointments Committee of the Cabinet led by Prime Minister Narendra Modi.
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The FSIB is led by Bhanu Pratap Sharma, the former secretary of the Department of Personnel and Training (DoPT), along with Animesh Chauhan, former chairman and MD of Oriental Bank of Commerce, Deepak Singhal, a former executive director at the Reserve Bank of India, and Shailendra Bhandari, the former MD of ING Vysya Bank.
About Financial Services Institutions Bureau (FSIB):
- The Financial Services Institutions Bureau (FSIB) is a government body set up under the Department of Financial Services by the Central Government in 2022.
- It replaced the Banks Board Bureau (BBB).
- The FSIB aims to identify manpower capabilities and ensure proper selection of talent for senior positions at financial institutions owned by the government.
- The board is entrusted with making recommendations for full-time appointments of directors and non-executive chairman of state-run financial services/public sector organizations and on other matters relating to personnel management in the institution.
- It comprises of ex-officio members from the government other than regulatory bodies and experts from the respective fields.
- The Secretariat of the Bureau currently comprises of Secretary and four officers.
- The functions of FSIB include advising the Government on matters relating to appointments, transfer or extension of term of office, and termination of services of the said directors, advising the Government on the desired management structure at the Board level for Public Sector Banks, Public Financial Institutions, and Public Sector Insurers, advising government for performance appraisal system and code of conduct and ethics for the directors, ensuring suitable training and development programmes for management in PSBs, FIs, and PSIs, and helping institutions develop business strategy and raising capital plan.
Important takeaways for all competitive exams:
- UCO Bank Founded: 6 January 1943;
- UCO Bank Founder: Ghanshyam Das Birla;
- UCO Bank Headquarters: Kolkata.
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