What Financial Services Institutions Bureau does

Financial Services Institutions Bureau (FSIB) is an autonomous recommendatory body of the Government of India, constituted effective July 1, 2022, succeeding the Banks Board Bureau which was originally established in April 2016. Headquartered within the Reserve Bank of India premises in Mumbai, FSIB is mandated to recommend persons for appointment as whole-time directors (WTDs) and non-executive chairpersons (NECs) on the Boards of India's 12 Public Sector Banks, 7 Financial Institutions, and 7 Public Sector Insurance Companies. Beyond board-level appointments, the Bureau advises the Central Government on personnel management matters including transfers, extensions, terminations, management structures, performance appraisal systems, codes of conduct, and training and development programmes for these institutions.

The Bureau's core operational products include the WTDs/NECs Recommendations Portal (managing vacancy tracking and recommendations for MD & CEO, CMD, DMD, and Executive Director roles), the Leadership Development Programme 'Aarohan' (delivered with IBA and McKinsey for senior management grooming), and the Directors Development Programme (delivered by Egon Zehnder with Harvard Business Publishing content for sitting board directors). Supporting infrastructure includes the Senior Banker Information System (SBIS) for tracking board-level positions and candidates, an annual and half-yearly publications archive dating to 2016, and the organization's official website (fsib.org.in) serving as the primary digital interface for vacancies and applications.

As a non-commercial government entity, FSIB generates no revenue from its recommendatory services; operating costs are funded by mandated institutions (PSBs, FIs, and PSICs) through proportional contributions based on WTD/NEC vacancy counts at the start of each financial year. The Bureau is governed by a Chairman (part-time), four ex-officio members (Secretary DFS, Secretary DPE, Deputy Governor RBI, and Chairperson IRDAI), and four expert members drawn from senior banking and insurance leadership. The Secretariat comprises approximately seven officers seconded from the RBI. Distribution and outreach occur via the FSIB website, advertisements in major Hindi and English newspapers, annual flagship events (SAMEKAN), and inauguration/valedictory events for the LDP and DDP batches.

Name

Financial Services Institutions Bureau

Legal name

Financial Services Institutions Bureau

Website

https://fsib.org.in

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Financial Services Institutions Bureau (FSIB) is an autonomous Government of India body that recommends board-level appointments (WTDs and NECs) for 12 Public Sector Banks, 7 Financial Institutions, and 7 Public Sector Insurance Companies, and runs leadership and director development programmes for their senior executives.

Ownership category

akta.pro rank

Product category

Government Banking Governance & Leadership Advisory

NAICS

Executive, Legislative, and Other General Government Support (921), Public Administration (92)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), National Commercial Banks (6021)

akta.pro primary industry

Central Government Policy, Strategy & Performance (incl. OMB-style functions) (BPAIAAAB)

akta.pro secondary industries

Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK), Technical Assistance, Policy Lending & Capacity Building Programs (BPADACAN)

Keywords

• Board appointment recommendations
• Leadership development programs
• Public sector banking governance
• Executive recruitment advisory
• Banking personnel management

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Government Funding / Cost Contribution: FSIB is funded by its mandated institutions (PSBs, FIs, and PSICs). The funds contributed by each category of financial service institution towards meeting the Bureau's expenditure are reckoned in proportion to the total number of their respective vacancies of WTDs and NECs at the beginning of each financial year. The operating costs of the Bureau are borne by the mandated institutions.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Financial Services Institutions Bureau (FSIB) is an autonomous recommendatory body of the Government of India that recommends persons for appointment as whole-time directors (WTDs) and non-executive chairpersons (NECs) on the Boards of Public Sector Banks (PSBs), Financial Institutions (FIs), and Public Sector Insurance Companies (PSICs). It also advises the Central Government on personnel management, management structures, performance appraisal systems, codes of conduct and ethics, and training and development programmes for these institutions.

Product overview

Financial Services Institutions Bureau operates a unified digital platform for recommending appointments to boards of public sector banks, financial institutions, and public sector insurance companies in India. The core offerings consist of the WTDs/NECs Recommendations Portal for managing board-level appointments, and two major development programmes: the Leadership Development Programme (Aarohan), delivered by McKinsey, targeting senior management; and the Directors Development Programme (DDP), delivered by Egon Zehnder with Harvard Business Publishing, targeting board directors. Supporting services include vacancies management, publications repository, and RFP/tender processing.

Differentiator

Problem solved

Functional benefit

Products and services

• WTDs and NECs Recommendations Service
• Leadership Development Programme (Aarohan)
• Directors Development Programme (DDP)
• Vacancies & Recommendations Management Platform
• Publications Repository

Quantifiable outcome

• 78 CGMs, GMs, and DGMs trained across 12 PSBs and 5 FIs in a single batch (Aarohan 2025)
• +1 more outcomes

Named customers13 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered core, supporting and minor.

• McKinsey & CompanycoreImplementation/ SI/ Consulting Partner · 1 January 2025Appointed as the Knowledge Partner for the sixth batch of the Leadership Development Programme ('Aarohan 2025'). McKinsey designs and delivers experiential forums, live business projects, coaching sessions, and online learning modules.
• Alpine University, AustriasupportingStrategic or Co-development Partner · 1 January 2024Forum 2 of Aarohan 2024 was held at Alpine University, Austria, focusing on stakeholder network management and leadership skills. This international exposure is part of the experiential learning module of the LDP.
• Reserve Bank of India (RBI)coreStrategic or Co-development Partner · 1 January 2022FSIB's secretariat staff are drawn from RBI. RBI officers are bound by RBI's expenditure rules, staff regulations, and vigilance/disciplinary stipulations. FSIB operates from RBI premises in Mumbai. The Deputy Governor of RBI serves as an ex-officio member of the Bureau.
• Insurance Regulatory and Development Authority of India (IRDAI)coreOthers · 1 January 2022The Chairperson of IRDAI serves as an ex-officio member of the Bureau for matters relating to Public Sector Insurance Companies. IRDAI is the sector regulator for insurance companies covered by FSIB's mandate.
• Indian Banks' Association (IBA)coreStrategic or Co-development Partner · 1 January 2021FSIB collaborates with IBA to design and deliver the Leadership Development Programme (LDP 'Aarohan') and the Directors Development Programme (DDP). IBA issues RFPs and manages programme delivery alongside FSIB's oversight.
• Egon Zehnder International Pvt. Ltd.coreImplementation/ SI/ Consulting Partner · 1 January 2021Appointed as the implementing agency for the Directors Development Programme (DDP). Delivers the nine-month programme in partnership with Harvard Business Publishing, featuring webinars, in-person sessions, and self-paced online modules.
• Harvard Business PublishingcoreTechnology or Integration · 1 January 2021Provides the online learning portal and content (15-20 hours of self-paced content) for the Directors Development Programme. Content covers topics such as Basics of Banking/Insurance, Board Basics, Meeting and Time Management, and Presentation Skills.
• KWebmaker Digital AgencyminorImplementation/ SI/ Consulting Partner · 1 January 2021Awarded contract for System Integration of hardware/software environment for Senior Banker Information System and its maintenance.
• Shalini Publicity & Creative Pvt. Ltd.minorChannel Partner/ Reseller/ Distributor · 1 January 2021Empaneled advertising agency awarded contracts for newspaper advertisements related to recruitment and RFPs.
• Sunjeet Communications Pvt. Ltd.minorChannel Partner/ Reseller/ Distributor · 1 January 2021Empaneled advertising agency awarded contracts for newspaper advertisements related to recruitment notices.
• Indian Institute of Management (IIM) BangalorecoreStrategic or Co-development Partner · 1 January 2018The inaugural Leadership Development Programme was launched at IIM Bangalore in July 2019. IIM Bangalore serves as a key academic partner for leadership immersion and in-person learning sessions.
• Department of Financial Services, Government of IndiacoreOthers · 1 January 2016The Secretary, Department of Financial Services serves as an ex-officio member of the Bureau. The Bureau is constituted by the Central Government and reports to/advises the Government on all matters related to appointments and personnel management in PSBs, FIs, and PSICs.
• Department of Public Enterprises, Government of IndiacoreOthers · 1 January 2016The Secretary, Department of Public Enterprises serves as an ex-officio member of the Bureau. DPE oversees government-owned enterprises including PSBs and FIs.

Scale indicators3 records

Recent moves7 records

Expansion highlights4 records

Others

• Department of Personnel and Training (DoPT): Government of India ministry responsible for civil service personnel policy and senior appointments. Comparable as the apex central-government body overseeing senior-level appointments in the Indian state, of which FSIB is a sector-specific analogue for PSBs/FIs/PSICs.
• Indian Banks' Association (IBA): Industry association of banks in India that co-designs and delivers the LDP and DDP programs with FSIB. Comparable as a banking-sector institutional body with overlapping personnel-development and policy coordination roles.
• McKinsey & Company: Global management consulting firm appointed as Knowledge Partner for FSIB's flagship Leadership Development Programme ('Aarohan 2025'). Comparable as a provider of leadership development and financial-services strategy advisory, the same domain FSIB serves for government-owned institutions.
• Egon Zehnder: Global leadership advisory and executive search firm appointed as implementation partner for FSIB's Directors Development Programme. Comparable as a provider of board-level leadership advisory services for financial institutions, the same capability space in which FSIB operates.
• NITI Aayog: Government of India policy think tank that advises on economic policy and institutional reform. Comparable as a Government-constituted advisory body whose mandate spans policy and strategy recommendations across sectors.
• Department of Financial Services (DFS): Ministry of Finance department that oversees PSBs/FIs/PSICs and to which FSIB reports and advises. While not a peer in the same operating sense, DFS is the parent ministry and ultimate decision-maker on the appointments FSIB recommends.

Direct peers

• Public Enterprises Selection Board (PESB): Government of India autonomous body responsible for selecting and appointing top management (CMD/MD/Functional Directors) of Central Public Sector Enterprises (CPSEs). It is the closest functional analogue to FSIB, operating the same recommendatory model for board-level appointments in government-owned enterprises.

Broad incumbents

• Securities and Exchange Board of India (SEBI): Statutory regulator for the Indian securities market and government-owned financial market infrastructure. Comparable as a Government of India financial regulator with similar institutional design (autonomous body, government-appointed leadership, advisory/recommendatory mandate) to FSIB.
• Reserve Bank of India (RBI): India's central bank and monetary authority, and the parent host of FSIB's secretariat (FSIB operates from RBI premises in Mumbai, and RBI's Deputy Governor sits as an ex-officio member). Comparable as a broader financial-sector regulatory institution with overlapping governance scope over PSBs and FIs.
• Insurance Regulatory and Development Authority of India (IRDAI): Statutory regulator of the Indian insurance industry whose Chairperson sits as an ex-officio member of FSIB. Comparable as a sector regulator and as a body with overlapping jurisdiction over the 7 PSICs under FSIB's mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/FSI_Bureau

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Financial Services Institutions Bureau