Overhauling of banking system could be next

It is not going to materialise in two or three months. It is a long drawn process. There is a lot of work which has to be done, said Banks Board Bureau chief Vinod Rai

GN Bureau | January 6, 2017


#Banks   #Banking   #Vinod Rai   #ASSOCHAM  

Over a period of time, banks may go in for mergers, consolidation and lots of thinking was going into the entire process, said Banks Board Bureau chief Vinod Rai.

“The entire process is being thought of, it is not going to materialise in two or three months, it is a long drawn process, there is a lot of work which has to be done and once the roadmap is ready and hopefully in the next two to three years it will be rolled out,” said Rai.

Delivering the ASSOCHAM Foundation Day Lecture on Thursday, Rai shared his perspective on demonetization and said that there is no harm in trying to cleanse the system and there are various ways to do it and demonetisation was one very effective way.

“Any attempt to cleanse the economy is a very noble attempt and we should lend our energies in ensuring that process of cleansing takes place,” said Rai.

“It is far too early for us to say it is a success or not a success,” he added.

He said that the Banks Board Bureau is working on a fairly attractive compensation package including elements of bonus, employee stock ownership plans (ESOPs), non-monetary perks and others at all management levels as part of corrective steps to ensure that best of professionals are recruited for public sector banks (PSBs).

“In some ways the compensation package of these public sector institutions needs to be improved, maybe we are not able to do much with fixed part of compensation package but variable part we certainly are looking into it and we are hopeful that by next financial year we will be able to introduce a far more attractive package.”

Rai said that though the Corporate Debt Restructuring Cell was created with very noble intentions in early 2000s but later it found itself sagging with humongous amount of stressed assets in which there was no way it could manage those resources.

He said that there have been innumerable cases where project reports were inflated, balance sheets manipulated and submitted, funds siphoned off and others.

Comments

 

Other News

“Whoever has a smartphone and a social media account is a journalist today”

In a scathing attack on media, political analyst Shehzad Poonawala has said that the time of media is gone and anyone with a smartphone and a social media account  can be a journalist today. While speaking to Kailashnath  Adhikari, MD, Governance Now, during the Visionary Talk seri

All you want to know about Republic Day celebrations 2021

India is celebrating the 72nd Republic Day on Tuesday. Attendance at the main celebrations in the capital is limited given the pandemic, yet Covid-19 has not dampened the spirit of the occasion. India’s military might, cultural diversity and social-economic progress will be on display at the majestic

How much time do you spend talking on phone?

How much time do Indians spend talking on phone? It is on average 761 minutes per month, according to a new report from the Telecom Regulatory Authority of India (TRAI). The telecom regulator released its report, titled ‘The Indian Telecom Services Performance Indicators: July-Septemb

“Developing public health infrastructure key to sustainable healthcare for all”

Renowned cardiologist Dr Ramakanta Panda has said that the pandemic has exposed the inadequacy of existing healthcare systems and it is wrong to draw comparisons with Korea, a country with the population equal to that of a single Indian state. While speaking to Kailashnath Adhikari, MD, Gove

SC-appointed panel on farm laws holds first meet

The committee of experts appointed by the supreme court to deliberate with the stakeholders on the new farm laws held its first meeting here Tuesday, with one of its members saying that all stakeholders, including individual farmers, will be heard. Hearing a petition on the farm laws enacted

India’s glitch-free vaccination gathers pace

The nationwide vaccination campaign launched Saturday, the largest such exercise in the world, has started setting new benchmarks, with vaccines administered to 2,24,301 beneficiaries in the first two days. “India has vaccinated the highest number of persons on Day1 under its COVID19 v

Visionary Talk with Shehzad Poonawalla On the State of Current Affairs





Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter