The Financial Services Institutions Bureau (FSIB) has recommended Ashok Chandra as the next Managing Director and CEO of which bank in October 2024?

Correct option is B

​The correct answer is (b) Punjab National Bank

Explanation:

• In October 2024, the Financial Services Institutions Bureau (FSIB) recommended Ashok Chandra, then serving as the Executive Director at Canara Bank, for the position of Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB).
• He succeed Atul Kumar Goel, whose tenure concluded on December 31, 2024.

Information Booster:

Financial Services Institutions Bureau (FSIB)

• It’s a government body set up under the Department of Financial Services (DFS), Ministry of Finance in 2022.
•  The primary role of FSIB is to identify manpower capabilities and ensure proper selection of talent for senior positions at financial institutions owned by the government.
•  It replaced the Bank Board’s Bureau (BBB), which was declared an incompetent authority.
• Structure:

o FSIB would be headed by a chairman, a central government nominee.

o The board would comprise the Secretaries of the DFS, the chairman of IRDAI, and a deputy governor of the RBI.

o Additionally, it will have three part-time members who are experts in banking and three more from the insurance sector.

Functions of FSIB:

• Recommends appointments of Whole-Time Directors (WTDs) and Non-Executive Chairpersons (NECs) in Public Sector Banks (PSBs), financial institutions (FIs) and Public Sector Insurers (PSIs).
• Advises the Government on appointments, transfers, extensions, and terminations of such directors.
• Issue guidelines for selecting General Managers and Directors in PSU general insurance companies.
• Final approval of appointments lies with the Appointments Committee of the Cabinet, chaired by the Prime Minister.
• Suggests ideal board-level management structures for PSBs, FIs, and PSIs.
• Recommends a performance appraisal system for top management in these institutions.
• Maintains a databank on institutional performance.
• Proposes a code of conduct and ethics for WTDs.
• Guides the government on training and development of management staff.
• Assists institutions in formulating business strategies and capital-raising plans.