.......But irrespective of its political feasibility, the idea of a BIC — a separate state-owned holding company for PSBs similar to Singapore’s Temasek or the UK government’s UK Financial Investments Ltd (UKIL) — is worth replicating across public sector undertakings. The BIC model will firstly free PSBs from the regime of dual regulation by the Finance Ministry in addition to the RBI. It will allow the PSBs to become fully professional board-managed entities, hopefully immune from North Block directives. The appointment of CEOs, independent and whole-time directors, recruitment to senior management positions, policies pertaining to salaries and promotions, and all other strategic managerial functions would become the responsibility of bank boards..........
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