The government reconstituted the Financial Services Institutions Bureau (FSIB) on 16 October 2026 and appointed SCL Das as its chairman. Das is a retired 1992-batch Indian Administrative Service officer of the AGMUT cadre and a former Secretary of the Ministry of Micro, Small and Medium Enterprises. His three-year term begins on the date of notification of the resolution.
FSIB Mandate
The FSIB recommends candidates for senior leadership positions in public sector banks, financial institutions and public sector insurance companies. Its recommendations cover posts such as whole-time directors and non-executive chairpersons in public sector banks, and senior posts in financial institutions and insurers. The Bureau makes recommendations; the appointments are made through the government’s appointment process. The FSIB operates under the Department of Financial Services in the Ministry of Finance. It replaced the Banks Board Bureau in 2022. The Banks Board Bureau had been set up in 2016 to improve the governance of public sector banks and recommend appointments to senior posts in them.
Appointment and Tenure
Das also serves as chairperson of the Delhi Electricity Regulatory Commission as of 16 October 2026. The FSIB’s three-year chairperson’s term is tied to the notification date of the resolution, rather than the date on which the government announced the reconstitution. Six part-time members were appointed to the reconstituted Bureau on 16 October 2026. Arijit Basu, Satish Kashinath Marathe and Ramanathan Subramanian represent the public sector banks and financial institutions group. Siddhartha Mohanty, Neerja Kapur and T.L. Alamelu represent the public sector insurers group.
Institutional Framework
The FSIB’s recommendations relate to leadership appointments across several types of state-owned financial organisations. Public sector banks, financial institutions and public sector insurance companies are distinct categories within its stated appointment remit. Das’s IAS service was in the AGMUT cadre, whose name refers to Arunachal Pradesh, Goa, Mizoram and Union Territories.
Important Facts for Exams
- The Banks Board Bureau was established in 2016 and was replaced by the FSIB in 2022.
- The FSIB functions under the Department of Financial Services in the Ministry of Finance.
- AGMUT stands for Arunachal Pradesh, Goa, Mizoram and Union Territories.
- The FSIB recommends candidates for senior positions in public sector banks, financial institutions and public sector insurance companies.
SCL Das is a retired 1992-batch IAS officer and, as of 16 October 2026, chairperson of the Delhi Electricity Regulatory Commission.
