Mission Indradhanush for PSBs

Mission Indradhanush is based on recommendations of P J Nayak Committee on the banking reforms.

The 7 components of the Mission (symbolic of 7 colours of the rainbow) plan to address the challenges faced by the Public Sector Banks. The 7 components include:

1. Appointments: Besides induction of talent from the Private Sector into the public banks, separation of the posts of Chief Executive Officer and the Managing Director, in order to check the excessive concentration of power and smooth functioning of the banks.
2. Bank Boards Bureau: The appointments Board of the Public Sector Banks would be replaced by the Bank Boards Bureau (BBB). ....