The Financial Services Institutions Bureau (FSIB), the body formed by the government to select CEOs and directors of public sector banks, insurance companies and financial institutions, will select senior bank officials through a process preparation as part of a leadership development program.
The FSIB has requested the Association of Indian Banks (IBA) to nominate an institution or firm to design and implement a Leadership Development Program for PSU Banks (PSB). The program aims to prepare business leaders in PSBs who should be ready to take on leadership and board positions in PSBs and drive long-term sustainable businesses in a competitive market, the IBA said. in a request for proposals (RFP). The company that will design and execute the program will be selected by the IBA through a competitive bidding process.
According to IBA, the goal is to develop the next generation of digitally savvy leaders, strategic thinkers who can build highly collaborative teams and create a customer-centric organization that thrives in a highly dynamic competitive environment. “As a result, to accelerate leadership development in PSBs in India and support senior management of PSBs throughout their professional development journey, the Bureau proposes to launch a leadership development program,” the IBA said. .
The program will develop approximately 75 senior management participants such as general managers, general managers and deputy general managers each year. “The selected bidder will be expected to work with key Bureau and PSB stakeholders to decide annually on the ideal group of participants and administer the shortlist criteria on a larger group to select 75 participants for the program,” said the IBA. The proposed firm should have the capability to design and deliver a training program for senior PSU bank managers which can be delivered in three modes – online as e-learning modules, online via webinars live, meetings and in person mode.
The program fee per participant quoted by the company/institution will be fixed for three years and should include everything else (including expenses for the use of trademarks, patents, licenses, all associated fees for the use of facilities and other amenities necessary for the program, board and lodging, stay abroad if applicable).
The old Banks Board Bureau used to invite applications from senior executives and select the suitable candidate through interviews whenever the post of CEO of a PSU bank became vacant. Senior civil servants are not properly prepared for leadership positions in a PSB This will change if the FSIB program becomes a success, banking sources said.
The Cabinet Nominations Committee (ACC) recently approved the Government’s resolution to establish the FSIB in place of the BBB which will now select the heads of public sector banks and insurance companies.
The selection process for senior officials of public sector insurance companies was in limbo following the Delhi High Court’s decision to strike down the Banks Board Bureau’s power to select directors and chief executives of insurers PSU.
The ACC also approved the appointment of Bhanu Pratap Sharma, former Chairman of the BBB, as the initial Chairman of the FSlB for a term of two years from the date of notification of the Government’s resolution or until further notice, according to a notification issued by the Personnel Department. & Coaching.
One of the mandates given to the FSIB by the government is to help the PSBs develop a solid succession plan for the leadership positions that will arise in the future through proper HR processes.