Government unveils 7-point revamp plan for Public Sector Banks i.e. Indradhanush Mission

Date: August 16, 2015

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Union Government unveils Indradhanush Mission for PSBs 

India has unveiled a seven-pronged revamp plan for Public Sector Banks to srenthen their economic health.The strategy, dubbed Indradhanush (rainbow), focuses on systemic changes in state-run lenders, including a fresh look at hiring, a comprehensive plan to de-stress bloated lenders, capital infusion, accountability incentives with higher rewards including stock options and cleaning up governance. 

The seven shades of Indradhanush mission include appointments, de-stressing PSBs, capitalisation, empowerment, framework of accountability and governance reforms. It seeks to achieve the objective of economic growth revival through improving credit and minimising the political interference in the functioning of PSBs.

prepare iasThe seven shades of Indradhanush mission include appointments, de-stressing PSBs, capitalisation, empowerment, framework of accountability and governance reforms. It seeks to achieve the objective of economic growth revival through improving credit and minimising the political interference in the functioning of PSBs.

About Bank Board Bureau (BBB):- It will be a body of ’eminent’ professionals to be selected within 6 months i.e. February 2015. It will become functional from Financial year 2016-17 i.e. form 1st April 2016. 

for more visit http://prepareias.in/current_affair/16/8/2015/government-announces-banks-board-bureau-to-advise-public-sector-banks