The Bank Boards Bureau (BBB) has evolved a Governance, Reward and Accountability Framework (GRAF) for public sector banks to ensure that they have the ability to compete successfully with private sector banks, small finance and payments banks, foreign banks and non-banking finance companies.
The GRAF incorporates a governance framework that integrates elements of organizational structure and processes. Further, the framework is guided by the latest global benchmarking on governance practices provided by the Basel Committee on Banking Supervisions guidelines on corporate governance principles for banks released in July 2015.
Takeaways from above News-
- BBB has evolved a Governance, Reward and Accountability Framework (GRAF) for public sector banks
- Banks Board Bureau is an autonomous body of Union Government of India tasked to improve the governance of Public Sector Banks.
If you have any other takeaways, do share with us in the comment section
Source- The Economic Times