A further streamlining of the working of public sector banks is in the offing, with the Ministry of Finance holding talks with the Reserve Bank of India to prepare a set of corporate governance norms that would guide the functioning of the Board of Directors.
Senior Finance Ministry officials said that besides laying down certain guiding principles for the operations of the Boards, the norms would also lay down detailed `fit and proper' norms for nominee directors.
"We are compiling corporate governance norms for PSU banks for which we are having consultations with the RBI," a top Finance Ministry official told Business Line.
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