MISSION INDRADHANUSH 2.0

To improve the health of public sector banks on the recommendation of P.J. Nayak Committee Report,
Mission Indradhanush was initiated by the Finance Ministry. Since another Mission Indradhanush was
initiated by Ministry of Health in order to avoid any confusion this mission was renamed as mission
Indradhanush 2.0. The Mission Indradhanush initiated by the Ministry of Health and Family Welfare was
related to complete immunization.

However, this Mission Indradhanush is related to banking sector reform. It is renamed as Indradhanush because it has 7 Provisions. Since the provisions start with A and end with G, it is also known as A to G of the banking sector reform. The Provisions are as follows: -
A = Appointment.
B = Bank Board Bureau.
C = Capitalisation.
D = De-stressing.
E = Empowerment.
F = Framework of Accountability.
G = Governance Reforms.
Since, in the beginning the public sector banks in India were headed by a CMD (Chairman and Managing
Director). It was one single position held by one single official. It was decided that under mission Indradhanush this post will be divided into two. The position of chairman will be held by one official and
the position of managing director will be held by another. A new position of the non-executive chairman
will be created, and a public sector bank will be led by these three people. So far, the officials from the same bank were promoted and placed at this position. However, under mission Indradhanush even people
from outside the bank will also be appointed if they are efficient.

Bank Board Bureau came into existence on 1st of April 2016. This body was created, in order to prevent
interference of the government in the process of appointment. It has 7 members including the chairman.
The term period of the member is of two years. This bureau is responsible for identifying and suggesting
suitable candidates for recruitment at the topmost position in public sector banks. This office isn’t Office
of Profit. The first Chairman of Bank board Bureau was Vinod Rai. He retired in 2018 and was replaced by
Bhanu Pratap Sharma.

Capitalization means infusing additional amount of funds in the public sector banks. The NPAs of the
public sector banks have continuously increased. In order to ensure that they have enough money to maintain provision the government infuses additional capital. This additional capital is also required in
order to ensure fulfillment of Basel norms.
De-stressing  means bringing down the stress of public sector banks. Because of high NPAs, the public sector banks are under stress. Hence, they are not able to provide enough loans in the economy.
Therefore, it has been decided that more and more loans which are in the form of NPAs will be sold to the
ARCs. That is the reason why the idea of Bad Bank as well as PARA was coined.
Empoverment means making the public sector banks autonomous with respect to middle level and lower
level recruitments.
Framwork of accountability means that for every decision somebody has to be answerable, then only 
a sense of responsibility can be developed. 
Governance Reforms means carrying out those reforms which may ensure that the banks in India do not face the same problem again and again in the future. Hence it was decided that Gyan Sangam will be organised every year. In this Prime minister, Finance minister, Governor of RBI, the Chairmen and Managing Directors of all the public sector banks will participate.

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