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Last August, the Bank Board Bureau was suggested by union government as a part of Indradhanush scheme of revamp Public sector banks. The aim of the organisation is to attract revenue by proposing scheme to bank which would attract customers. Give advice to PSBs in developing differentiated strategies for raising funds through innovative financial methods and instruments and to deal with issues of stressed assets. The non-performing assets of public sector banks are estimated at almost Rs. 4 lakh crore, and they need to raise capital of Rs. 2.4 lakh crore by 2018 to conform to Basel-III capital requirement norms.
It exercise it control 22 PSBs including SBI, IDBI and Bharatiya Mahilla Bank.
Government wants to encourage Bank Boards to restructure their business strategy and also suggest way forward for their consolidation and merger with other banks if it is win-win for both, the finance ministry said in a statement recently.
The bureau will comprise of 6 members, who be forms CMD of banks and financial service sector experts. It will be headed by secretary, Department of Finance. It has been decided that the six members’ body will consist at least 3 former bankers, 2 professionals and secretary, department of financial services representing government. It would also be responsible for selection of non-executive chairman and non-official directors on the boards.
On 28th February, the government has announced former Comptroller and Auditor-General of India Vinod Rai as its first Chairman.