(THE NEWSMAN OF INDIA.COM)
New Delhi, July 1, 2025: The central government has extended the term of the Chairperson and key members of the Financial Services Institutions Bureau (FSIB) by one year, allowing them to continue in their roles until June 30, 2026.

FSIB, which serves as the primary body responsible for selecting top leadership in public sector banks, insurance companies, and other financial institutions, is led by Bhanu Pratap Sharma, a former Secretary of the Department of Personnel and Training (DoPT). Sharma has been at the helm of the institution since 2018, initially appointed as the head of its predecessor, the Banks Board Bureau (BBB).

The decision to grant another one-year extension to the FSIB leadership was approved by the Appointments Committee of the Cabinet. According to the official order, the current Chairperson and part-time members will continue in office from July 1, 2025, to June 30, 2026, or until further notice.

This is the second consecutive extension granted to the FSIB leadership, indicating continued trust in the bureau’s functioning and leadership.

In addition to Sharma, the FSIB includes several former senior executives from the banking and insurance sectors. Among the part-time members whose tenures have been extended are:

* Usha Sangwan, former Managing Director of Life Insurance Corporation of India (LIC)
* A.V. Girija Kumar, former Chairman and Managing Director of Oriental Insurance Company Ltd
* Sujay Banarji, former Whole-time Member (Distribution) at the Insurance Regulatory and Development Authority of India (IRDAI)

Other members on the FSIB panel include Animesh Chauhan, ex-Chairman and Managing Director of Oriental Bank of Commerce; Deepak Singhal, former Executive Director of the Reserve Bank of India; and Shailendra Bhandari, ex-Managing Director of ING Vysya Bank.

The FSIB was established in 2022, following the government’s decision to revamp the Banks Board Bureau by broadening its mandate and renaming it. The bureau now also oversees appointments to senior roles in public sector general insurance companies, making it a central figure in shaping leadership across the financial services sector.