You are here: Home » Finance » Features » Banks
Business Standard

Delays in Indradhanush rollout for PSBs draw flak

An year on, PSB executives and analysts say the plans are drifting, even as they praise the government's objective

Abhijit Madhav Lele  |  Mumbai 

In August 2015, around the time that the Reserve Bank of India had almost firmed up its asset quality review, the government put in place the building blocks for a lease of life to public sector banks; the action plan was called Indradhanush, or rainbow. The Indradhanush plan envisaged infusing equity worth Rs 70,000 crore through March 2019 to meet Basel III norms for capital adequacy.

One year on, it is time for a status check on how it has fared at ground level. PSB executives and analysts say the implementation has been tardy, suggesting that the plans are drifting, even ...

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, August 29 2016. 13:31 IST