...............The BIC will help distance the government from the boards and managements of PSBs, without any loss in its ownership of the banks. The BIC would "hold equity stakes in banks which are presently held by the government" and be constituted as a core investment company under RBI registration and regulation. A shareholder agreement between the government and BIC would assure the latter of its autonomy, and set its objective in terms of financial returns from the banks it controls. The board of the BIC would be professionally constituted with a professional CEO, a non-executive chairman nominated by the government and independent directors with adequate skills and expertise. The report recommends..............
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