Financial Services Institutions Bureau (FSIB)
News: FSIB recently recommended the name of SIDBI Chairman and Managing Director.
Financial Services Institutions Bureau (FSIB): It’s a government body set up under the Department of Financial Services (DFS), Ministry of Finance.
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- It replaced the Banks Board Bureau (BBB) that was declared an incompetent authority.
Composition:
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- FSIB is headed by a chairman, a central government nominee.
- The board would comprise the Secretaries of the DFS, the chairman of IRDAI, and a deputy governor of the RBI.
- It will have three part-time members who are experts in banking and three more from the insurance sector.
Functions:
- To recommend persons for appointment as whole-time directors (WTDs) and non-executive chairpersons (NECs) on the Boards of Directors in Public Sector Banks, financial institutions (FI) and Public Sector Insurers (PSI),
- To advise the Government on matters relating to appointments, transfer or extension of term of office and termination of services of the said directors;
- To advise the Government on a suitable performance appraisal system for WTDs and NECs in PSBs, FIs and PSIs;
- To build a databank containing data related to the performance of PSBs, FIs and PSIs;
- To advise the Government on formulation and enforcement of a code of conduct and ethics for whole-time directors in PSBs, FIs and PSIs;
- To advise the Government on evolving suitable training and development programmes for management personnel in PSBs, FIs and PSIs;
- To help PSBs, FIs and PSIs in terms of developing business strategies and capital raising plan etc.
Asian Development Bank (ADB)
News: ADB Projects India’s Economy to Grow Steadily by 7% in FY2024.
Definition: ADB is an international development finance institution.
Establishment: It was established in 1966 under UN organization known as ESCAP (Economic and Social Commission for Asia and the Pacific).
Aim: ADB envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region.
Functions:
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- ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
- Facilitate policy dialogues, advisory services, and mobilize financial resources through co-financing operations.
- Provide public sector lending for development purposes in its developing member countries.
Funding:
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- ADB raises capital regularly through the international bond markets.
- The ADB also relies on member contributions, retained earnings from lending, and the repayment of loans,
Members: It has 68 members—of which 49 are from within Asia and the Pacific and 19 outside.
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- India is a regional member country of the ADB.
Governance:
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- Board of Governors : In the Board of Governors, all member countries are represented with voting power proportional to their contributions to ADB’s capital.
- Board of Directors : Board of Directors has 12 seats, in which each director represents a single member or a constituency of members.
Shareholders:
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- Japan and the United States (each with 15.6% of total shares),
- People’s Republic of China (6.4%),
- India (6.3%),
- Australia (5.8%).
Headquarters: Manila, Philippines.