Question

95. Consider the following statements about the Mission Indradhanush launched by the Ministry of Finance:
1. Mission Indradhanush is aimed to revamp the functioning of public sector banks so that PSBs can compete with the Private Sector Banks.
2. The mission is a brainchild of PJ Nayak committee.
3. It aims to fully comply with global capital adequacy norms, Basel-III.
Which of the above statement(s) is/are correct?

• A. Only 1 and 2
• B. Only 2 and 3
• C. Only 1 and 3
• D. All of the above

Answer 1

The correct option is D All of the above

Mission Indradhanush aimed to revamp the functioning of public sector banks so that PSBs can compete with the Private Sector Banks. The mission is a brainchild of PJ Nayak committee. It is launched by Ministry of Finance under the Department of Financial Services. The mission includes the seven key reforms of appointments, board of bureau, capitalisation, de-stressing, and empowerment, framework of accountability and governance reforms. It aims to clean up the balance sheets of PSBs to ensure banks remain solvent and fully comply with global capital adequacy norms, Basel-III.