Empowerment of PSBs to Revamp Functioning


Ajit Kumar AJIT KUMARWISDOM IAS, New Delhi.

Union finance minister on August 14, 2015 launched a seven pronged plan-- Indradhanush--to revamp functioning of public sector banks. 
The seven elements include appointments, board of bureau, capitalisation, de-stressing, empowerment, framework of accountability and governance reforms.  
Empowerment The Government has issued a circular that there will be no interference from Government and Banks are encouraged to take their decision independently keeping the commercial interest of the organisation in mind. A cleaner distinction between interference and intervention has been made. With autonomy comes accountability, accordingly Banks have been asked to build robust Grievances Redressal Mechanism for customers as well as staff so that concerns of the affected are addressed effectively in time bound manner.
The Government intends to provide greater flexibility in hiring manpower to Banks. The Government is committed to provide required professionals as NoDs to the Board so that well-informed and well-discussed decisions are taken.

Monday, 04th Jan 2016, 05:26:37 AM

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