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Indradhanush

 

Finance minister Arun Jaitley 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.

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Banks board of bureau will replace existing appointments board. Its members would be appointed in the next six months to be headed by the RBI governnor.

Banks board bureau would also hold bad assets of public sector banks.

Under recapitalisation plans for Public Sector Banks, 13 banks would get Rs 20,058 crore this financial year. The rest Rs 5,000 crore would be allocated based on efficiency criteria.

SBI will get the  highest Rs 5,511 cr, followed by Bank of India at Rs 2,455 cr, IDBI at Rs 2,229 cr, PNB at Rs 1732 cr and IOB at Rs 2009 cr.

 

On February 1, 2017 presenting Budget 2017-18, FM Jaitley said -As per the Indradhanush plan, the public sector banks will be provided with Rs 10,000 crore in the next fiscal. Additional allocation would be made if required

 

 

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