Consider the following statements about Mission Indradhanush ndash 1 It aims to revamp their functio...........

Economic Affairs Types of Banks and Banking

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Consider the following statements about Mission Indradhanush –

1. It aims to revamp their functioning to enable them to compete with Private Sector banks.

2. Bank Board Bureau has been formed under this to improve functioning of Public Sector banks.

Which of the statement given above is / are correct?

1 only

2 only

Both 1 & 2

Neither 1 nor 2

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Explanation:

Mission Indradhanush is a 7 pronged plan launched by Government of India to resolve issues faced by Public Sector banks. It aims to revamp their functioning to enable them to compete with Private Sector banks. Bank Board Bureau will select the heads of public sector banks (even from the private sector, if need be) and aid them in formulating strategies to raise additional capital. It will select and appoint non-executive chairmen and non-official directors.