Gov. to set up Bank Board Bureau for PSU banks: Jaitely

New Delhi : Finance Minister Arun Jaitely on Friday announced that the government is going to set up a Bank Board Bureau for Public Sector Unit (PSU) banks, where each bank would be monitored on the basis of ‘key performance indicators’.
“Government to set up Bank Board Bureau for PSU banks, each bank would be monitored on basis key performance indicators. As a first step towards a banking investment company which will hold all the assets of the banks, the share holding assets of the government with the banks, we had proposed a bank board bureau,” Jaitely said at a press conference.

Financial Services Secretary Hasmukh Adhia, presented a Comprehensive Transformation Framework which works on seven elements; Appointments, Bank Board Bureau, Capitalization, De-stressing, Empowerment, Framework of Accountability and Governance Reforms.

“Government appoints MDs and Chairpersons of 5 PSUs – BOB, PNB, BOI, Canara Bank and IDBI Bank,” Adhia said

Government announced to release Rs 20,000 crore as capital infusion of into PSBs soon, along with providing more flexibility to banks for recruitment more staff at the middle level. (ANI)