Government Reconstitutes FSIB; Former MSME Secretary SCL Das Appointed Chairman

16 October 2026National

The Union government has reconstituted the Financial Services Institutions Bureau (FSIB) and appointed S. C. L. Das, a retired 1992-batch IAS officer and former Secretary in the Ministry of Micro, Small and Medium Enterprises, as its Chairman for a three-year term, alongside six part-time members drawn from former regulators and banking chiefs. Set up in 2022 as successor to the Banks Board Bureau, the FSIB recommends candidates for whole-time directors and non-executive chairpersons at public sector banks, public sector insurers and financial institutions. It functions under the Department of Financial Services, Ministry of Finance, and also advises on their performance appraisal.

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The Financial Services Institutions Bureau was constituted in 2022, replacing the Banks Board Bureau which had been set up in 2016 following the P. J. Nayak Committee's recommendation | FSIB functions under the Department of Financial Services, Ministry of Finance | India has 12 public sector banks after the mega-merger that took effect on 1 April 2020

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