On 4 October, in an executive order, the Appointments Committee of the Cabinet (ACC), approved revised consolidated guidelines for appointment of Whole Time Directors, Managing Directors, Executive Directors and Chairpersons in public sector insurance companies like the Life Insurance Corporation of India (LIC), Public Sector General Insurance (PSGI) Companies and the Public Sector banks including the State Bank of India.

The Department of Financial Services (DFS) under the Union Ministry of Finance (MoF) has formally circulated these revised procedures to all public sector banks and state-owned insurers. In a major procedural change, the Financial Services Institutions Bureau (FSIB), which is responsible for selecting and recommending candidates for top financial appointments, has been a

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