Central Government vide its Resolution F.No. 14/1/2022-BO-I, dated July 01, 2022 has announced the constitution of Financial Services Institutions Bureau (FSIB) for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions (including public sector banks, public sector insurers and financial institutions) and for advising on certain other matters relating to personnel management in these institutions.

On and from the date of publication of the said Resolution, all assets, interests and liabilities of the Banks Board Bureau stand transferred to FSIB.

Consequently, any or all of the functions listed in Clause 2 of the Government Resolution, which were earlier carried out by Banks Board Bureau, shall henceforth be carried out by newly formed FSIB.