Indradhanush: Plan for revamp of public sector banks

Indian banking reforms

1. Separate the position of Chairman & MD - CEO will be getting the position of MD & CEO - Another person to be appointed as Non Executive Chairman of PSBs Current Private sector candidates are also allowed to apply for the above mentioned positions in PSBs. APPOINTMENT

2. BANK BOARD BUREAU

3. CAPITALISATION

4. DE-stressing

5. No interference in functioning of banks and encouraged them to take decisions independently Set up Grievances Redressal Mechanism for customers as well as staff Flexibility in choosing Manpower EMPOWERMENT

6. FRAMEWORK FOR ACCOUNTABILITY

7. NEW SYSTEM PRESENT SYSTEM Bank’s Performance was measured by SOI(Statement of Intent) Targets for banks used to be finalized only towards the end of the year Key Performance Indicators (KPI) Statement Of Intent (SOI)

8. Implementation of all of the above ESOP for top Management under formulation GOVERNANCE REFORMS

9. F unds for start-ups, small firms Small Industries Development Bank of India (SIDBI) launched India Aspiration Fund (IAF) and SIDBI Make In India Loan For Enterprises (SMILE) scheme