FM Arun Jaitley’s visit to Make In India Centre, Mumbai
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. This includes:
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 (MD)
