Former bureaucrat Subhas Chandra Lal Das, currently serving as Delhi Electricity Regulatory Commission (DERC) Chairman, has been appointed part-time Chairperson of the Financial Services Institutions Bureau (FSIB) for three years, along with six part-time members.
The Finance Ministry’s Department of Financial Services issued a resolution in this regard on October 16.
As per the resolution, his appointment will be effective from the date the resolution is notified.
The six part-time members include Arijit Basu, former MD of State Bank of India (SBI); Satish Kashinath Marathe, former Director on the Reserve Bank of India’s (RBI) Central Board; and Ramanathan Subramanian, former RBI’s Executive Director.
The other members of the Bureau include Siddhartha Mohanty, former CEO and MD of Life Insurance Corporation of India (LIC); Neerja Kapur, former CMD of New India Assurance Co. Ltd (NIACL); and T.L. Alamelu, former whole-time member (non-life) of the Insurance Regulatory and Development Authority of India (Irdai).
Under the resolution, Basu, Marathe and Subramanian will handle matters relating to Public Sector Banks (PSBs) and financial institutions. Mohanty, Kapur and Alamelu will look after issues concerning public sector insurers.
The FSIB’s primary role is to recommend candidates for appointment as whole-time directors and non-executive chairpersons on the boards of Public Sector Banks, financial institutions and insurers. It also advises the government on matters related to personnel, including transfers, tenure extensions and termination of directors’ services.
Das, a retired IAS officer belonging to the 1992-batch of the AGMUT cadre, has been a seasoned bureaucrat, and just last month, he had taken charge of the DERC’s Chairman on September 10.
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