Financial Service Institution Bureau
- The Cabinet Appointments Committee (ACC) established the Financial Services Institutions Bureau (FSIB) in place of the Banks Board Bureau (BBB) by a Government resolution.
- The Financial Services Institutions Bureau will select the chiefs of public sector banks and insurance companies.
- 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.
Seamounts
- It is an underwater mountain formed through volcanic activity.
- These are recognised as hotspots for marine life. Like volcanoes on land, seamounts can be active, extinct or dormant volcanoes.
- These are formed near mid-ocean ridges, where the earth’s tectonic plates are moving apart, allowing molten rock to rise to the seafloor.
- The planet’s two most-studied mid-ocean ridges are the Mid-Atlantic Ridge and the East Pacific Rise.
- Some seamounts have also been found near intraplate hotspots – regions of heavy volcanic activity within a plate – and oceanic island chains with a volcanic and seismic activity called island arcs.
SCO Interbank Consortium
- It was established by the member countries of the Shanghai Cooperation Organisation on 26 October 2005.
- It provides funding and bank services for investment projects sponsored by the governments of the SCO member states.
- The main objectives of the consortium are to provide financial services, promote trade, and facilitate investment among the member states.
- The SCO IBC Council meets ad hoc upon the consensus of all of the parties at least once per year.
- The Presidency of the Council is carried out on a rotational basis.
- It consists of major banks from the member countries, such as the Industrial and Commercial Bank of China, the National Bank of Kazakhstan, and the Bank of Russia.
- The first meeting of the SCO Interbank Association was held in Beijing on 21–22 February 2006.