CURRENT AFFAIRS

Detailed explanation-1: -The correct answer is Bank Boards Bureau. Bank Board Bureau is responsible for the selection and appointment of the Board of Directors in Public Sector Banks, MD and CEO and Financial Institutions.

Detailed explanation-2: -2.5. The Boards of nationalised banks and State Bank of India are constituted by the Central Government. The Nationalisation Acts and the SBI Act vest powers with the Central Government to appoint the Chairmen and Managing Directors of the banks in consultation with the Reserve Bank.

Detailed explanation-3: -The Centre has decided to set up Financial Services Institutions Bureau (FSIB) as a single entity for making recommendations for appointments of Wholetime Directors and Non-Executive Directors in public sector banks (PSBs), public sector insurers (PSIs) and financial institutions (FIs), said sources.

Detailed explanation-4: -The Government of India recently announced the appointment of Shri K Satyanarayana Raju as the new Managing Director and CEO of Canara Bank. Shri L V Prabhakar has been replaced, and he left the office on 31st December 2022. Shri. K Satyanarayana Raju will begin the new role on 7th February 2023.