By Shailesh Yadav

New Delhi [India], July 1 (ANI): The Appointments Committee of the Cabinet has approved a one-year extension for the leadership of the Financial Services Institutions Bureau (FSIB), extending their tenure until June 30, 2026.

The decision affects the current chairperson and six part-time members of the FSIB, whose terms were set to expire on June 30, 2025. The extension will be effective from July 1, 2025, or until further notice, whichever comes earlier.

Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training, will continue as part-time chairperson of the bureau.

The Department of Financial Services issued the extension notification on June 30, 2025, just hours before the original terms were set to expire, ensuring seamless continuation of the bureau's functions.

The extended team also includes seasoned banking and insurance professionals who oversee appointments in public sector banks and financial institutions.

Terms of part-time members Animesh Chauhan, former Chairman and Managing Director of Oriental Bank of Commerce, Shailendra Bhandari, former MD & CEO of ING Vysya Bank, Centurion Bank of Punjab, and ICICI Asset Management Company, have also been extended for a year.

Deepak Singhal, former Executive Director at RBI, who previously handled corporate strategy, budget, corporate services, and human resources departments, had also received an extension of one year.

For insurance sector oversight, the extended members are Usha Sangwan, former Managing Director of LIC, specialising in life insurance, AV Girija Kumar, former Chairman and Managing Director of Oriental Insurance Company Limited and Sujay Banerji, former Whole-Time Member (Distribution) at IRDAI.

The Financial Services Institutions Bureau plays a crucial role in recommending appointments for top positions in public sector banks and insurance companies.

The body was established to bring greater professionalism and independence to the selection process for leadership positions in state-owned financial institutions.

The bureau operates with separate panels for banking and insurance sectors, with members bringing specialized expertise from their respective domains.

The extended leadership combines experience from both regulatory bodies like RBI and IRDAI, as well as operational experience from leading financial institutions. (ANI)