Govt to soon bring corporate governance norms at state-owned banks

The government is planning to refresh the corporate governance norms for state-owned banks. The changed rules could be announced even before the Union Budget is presented, it is learnt. 

Improving the quality of credit appraisal at these banks is among the likely changes. The governance reforms, as an official put it, would bring in measures to track the performance of the executive-rank employees of the banks, intensively. The proposed steps would also respond to Moody’s criticism that reforms needed for efficiency and better operating performance were absent at public sector banks. Without such reforms, ‘’the sector would continue to represent a