Leadership development programme for PSU banks (PSBs)

Leadership development programme for PSU banks (PSBs)

Subject :Economy

Section : Banking

Context:

The Financial Services Institutions Bureau (FSIB), the body formed by the government to select the CEOs and Directors of public sector banks, insurance companies and financial institutions, will select top officials of banks via a grooming process under a leadership development programme.

About the leadership development programme:

• It is proposed by the Financial Services Institutions Bureau (FSIB) to the Indian Banks’ Association (IBA)
• IBA will appoint an institution or firm to design and deliver a leadership development programme for PSU banks (PSBs).
• The programme’s objective is to develop a future generation of leaders who are digitally savvy, strategic thinkers with capability to build highly collaborative teams and create a customer centric organisation that thrives in a very dynamic competitive environment.
• The programme will accelerate leadership development in PSBs in India and support the top management of PSBs through their professional development journey
• The programme aims to train business leaders of the PSBs who should be ready to assume top management and board level positions in PSBs and to drive long-term sustainable business in a competitive market place.
• The programme will up-skill around 75 participants in the senior management like Chief General Managers, General Managers and Deputy General Managers every year
• The training programme for senior officers of PSU banks will be delivered through three modes — online as e-learning modules, online through live webinars, meetings and through in-person mode.
• The programme fee per participant quoted by the firm/ institution will be fixed for three years and should include everything else (including expenses on usage of trademarks, patents, licenses, all associated fees of usage of facilities and other conveniences as required for the programme, boarding and lodging, overseas stay if any).

About the Financial Services Institutions Bureau (FSIB)

• The Cabinet Appointments Committee (ACC) has passed a government resolution to establish the Financial Services Institutions Bureau (FSIB) in place of the Banks Board Bureau (BBB).
• The new framework was proposed by the Department of Financial Service, Ministry of Finance.
• The Financial Services Institutions Bureau will select the chiefs of public sector banks and insurance companies.
• It will select top officials of banks via a grooming process under a leadership development programme.
• The FSIB will have the clear mandate to issue guidelines and select general managers and directors of state-run non-life insurers, general insurers and Financial Institutions.
• FSIB will be the single entity for making recommendations for appointments of WTD (Whole-time Director) and NEC (Non-executive Chairman) in Public Sector Banks, India Private Limited company and Financial Institutions.
• The Department of Financial Services shall first carry out necessary modifications in the Nationalised Banks (Management and Miscellaneous Provisions) Scheme of 1970/1980 (as amended).