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The Government of India has reconstituted the Financial Services Institutions Bureau (FSIB), with retired IAS officer Subhas Chandra Lal Das appointed as part-time chairperson for a three-year term.
FSIB has been reconstituted after over 3 months as the previous tenure of the FSIB Chairperson (Bhanu Pratap Sharma) and the key board members expired on June 30, 2026, after receiving their final one-year extension. The posts were vacant from July 1, 2026, until the Ministry of Finance officially notified the new appointments on October 16, 2026—a gap of precisely three and a half months.
The other members appointed are as follows:
| Appointed Person | Role / Designation | Domain |
|---|---|---|
| Subhas Chandra Lal Das (Retd. IAS) | Chairperson | Overall |
| Arijit Basu | Part-Time Member | Public Sector Banks (PSBs) & Financial Institutions (FIs) |
| Satish K. Marathe | Part-Time Member | Public Sector Banks (PSBs) & Financial Institutions (FIs) |
| Ramanathan Subramanian | Part-Time Member | Public Sector Banks (PSBs) & Financial Institutions (FIs) |
| Siddhartha Mohanty | Part-Time Member | Public Sector Insurance Companies (PSIs) |
| Neerja Kapur | Part-Time Member | Public Sector Insurance Companies (PSIs) |
| T.L. Alamelu | Part-Time Member | Public Sector Insurance Companies (PSIs) |
The FSIB is the sole entity responsible for vetting and recommending candidates for high-level posts like Whole-Time Directors (WTDs), Managing Directors (MDs), CEOs, and Non-Executive Chairpersons (NECs). Its jurisdiction covers Public Sector Banks (PSBs), specialized Financial Institutions (FIs like NABARD or IIFCL), and Public Sector Insurers (PSIs like LIC and GIC Re). For public sector general insurance companies, it also sets guidelines and handles selections for General Managers and Directors.
Beyond recruitment, the bureau acts as an advisory body to the Ministry of Finance on critical personnel management issues. It provides formal recommendations regarding the transfers, term extensions, or premature termination of services for senior board members. It helps enforce governance systems, code of conduct, and performance appraisal metrics for top-tier executives.
