Finance ministry appoints Subhas Chandra Lal Das as part-time chairperson FSIB

New Delhi: The finance ministry has appointed former Indian Administrative Service (IAS) officer Subhas Chandra Lal Das as part-time chairperson of the Financial Services Institutions Bureau (FSIB) for three years, along with six part-time members, according to a resolution issued by the Department of Financial Services on 16 October.

The appointment will take effect from the date of notification of the resolution or until further orders, whichever is earlier, the resolution said.

The six members include Arijit Basu, former managing director of State Bank of India (SBI); Satish Kashinath Marathe, former director on the Reserve Bank of India’s (RBI) Central Board; and Ramanathan Subramanian, former executive director of RBI.

The other members are Siddhartha Mohanty, former chief executive officer and managing director of Life Insurance Corporation of India (LIC); Neerja Kapur, former chairperson and managing director of New India Assurance Co. Ltd (NIACL); and T.L. Alamelu, former whole-time member (non-life) of the Insurance Regulatory and Development Authority of India (Irdai).

Under the resolution, Basu, Marathe and Subramanian will handle matters relating to public sector banks (PSBs) and financial institutions. Mohanty, Kapur and Alamelu will oversee matters concerning public sector insurers.

Das is a retired 1992-batch IAS officer of the AGMUT cadre. The appointments have been made under paragraph 5 of the government’s resolution dated 1 July 2022.

A query sent to the finance ministry seeking an immediate response remained unanswered until press time.

FSIB’s mandate

Constituted under the Department of Financial Services in the finance ministry with effect from 1 July 2022, FSIB replaced the Banks Board Bureau, inheriting the latter’s assets, liabilities and functions.

Its primary role is to recommend candidates for appointment as whole-time directors and non-executive chairpersons on the boards of public sector banks, financial institutions and insurers. It also advises the government on related personnel matters, including transfers, tenure extensions and termination of directors’ services.

The bureau also advises on board-level management structures, performance appraisal systems, and training and development programmes for management personnel. It may assist the institutions with business strategies and capital-raising plans.

The resolution, signed by Sanjay Kumar Mishra, under secretary to the government of India, directs that the appointments be published in the Gazette of India for general information. Copies are also to be sent to the concerned public sector banks, financial institutions and insurers, as well as the RBI and the Insurance Regulatory and Development Authority of India (Irdai).