Union Finance Minister
Mr. Arun Jaitley today visited the Make In India Centre Expo at the
Bandra-Kurla Complex in Mumbai and also participated in the CNN Asia
Business Forum as part of the Make In India Week. In his conversation
CNN Anchor Fareed Zakaria Shri Arun Jaitley announced that government
would soon announce a slew of banking reforms. The Finance Minister’s
announcement comes the day after Prime Minister Narendra Modi promised
more reforms to make India the hub of economic activity in the world.
Backgrounder on Mission Indra Dhanush
Government announced MISSION INDRADHANUSH in August 2015, which attempts
to revamp public sector banks and to address problems impacting their
performance including governance, accountability and capitalization.
· A seven-member Bank Board Bureau, which will oversee the appointments
process at public sector banks and provide advisory services.
· On the basis of best global practices, to separate the post of
Chairman and Managing Director by prescribing that in the subsequent
vacancies, CEO will get the designation of MD & CEO and there would be
another person who would be appointed as non-Executive Chairman of PSBs.
· Government proposes to make available Rs.70,000 crores out of
budgetary allocations for bank capitalization in the next four years.
· De-stressing public sector banks by strengthening risk control
measures and NPA disclosures.
· No interference from Government and Banks are encouraged to take their
decision independently keeping the commercial interest of the
organization in mind.
· New framework for measuring performance of public sector banks.
· Continuing with the governance reforms.
Team PIB MIIW, Mumbai