Banks are facing challenging time but no cause of panic: Arun Jaitley
Jaitley said that the government has taken various new initiatives and policy decisions to revamp the Public Sector Banks(PSBs) and improve their overall performance.
The Finance Minister was addressing a press conference regarding action taken or to be taken to revamp the PSBGs here.
"The Public Sector Banks (PSBs) play a vital role in India’s economy," Jaitley said.
"Public sector banks faced a challenging situation in the last few years...There does not exist any cause for panic or alarm," Jaitley said.
The Bank Board Bureau (BBB) will start functioning from Apr 1, 2016.
The announcement of the BBB was made by Union Finance Minister in his Budget Speech for the year 2015-16.
The BBB will be a body of 'eminent' professionals and officials, which will replace the Appointments Board for appointment of Whole-time Directors as well as non-Executive Chairman of PSBs.
"The Bank Board Bureau will function as a link between the government and the banks; in an advisory capacity," Jaitley said.
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