PESB-like body likely to hire PSB, public sector insurance firm heads

Centre looks to continue maintaining arms length in financial sector hiring

The Centre has proposed setting up a Public Enterprises Selection Board (PESB)-like body for appointment of heads of public sector banks (PSBs), public sector insurance companies (PSICs) as well as financial institutions. 

The body, Financial Services Institutions Board (FSIB), would have the authority to recommend appointments for PSBs, PSICs and state-owned financial institutions. The Centre is looking to continue maintaining an arms length in financial sector appointments.  

“There is a proposal that is mooted for a common entity, which will give recommendations for all public sector financial institutions,” an official said. The Banks Board Bureau (BBB) may be merged or