Centre may empower public sector banks to induct non-executive directors

Recommendations of P J Nayak Committee could see the light of day

The government is working on a plan to empower state-owned banks to appoint their own independent directors, along with a slew of other governance reforms.

Governance reform in public sector banks (PSBs) was one of the key issues deliberated on at a meeting chaired by Prime Minister Narendra Modi with chief executives of private and state-owned banks, along with a few non-banking financial companies, on August 5.

The government is looking to bring to light some of the recommendations of the P J Nayak Committee, which had submitted its report in May 2014, a person who attended the meeting with the PM