New Delhi: Government will set up Bureau of Financial Services Institutions ,fsib) as a unit to make recommendations for appointment of whole-time directors and non-executive chairman of banks and financial institutions, officials aware of the development said.

will replace FSIB bank board bureau, Appointments Committee of the Cabinet (

) has asked Department of Financial Services To give effect to this change, the FSIB was set up as a single entity to make necessary amendments to the Nationalized Banks (Management and Miscellaneous Provisions) Scheme of 1970/1980 with the approval of the Finance Minister, and then to make recommendations for appointments. Notifying the Government proposal to Whole time directors and non-executive chairman of banks and financial institutions, the official said.