(a) whether the P.J. Nayak Committee to examine various aspects of banking in the country has submitted its report;
(b) if so, the details thereof and the major recommendations of the Committee along with the implementation status of the recommendations;
(c) whether the Government has received representations/complaints against the recommendations of the said Committee; and
(d) if so, the details thereof?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SMT. NIRMALA SITHARAMAN)
(a) to (b): The P.J. Nayak Committee has submitted its report to Reserve Bank of India (RBI). The main recommendations of the Committee, inter alia, relate to elimination of dual control over Public Sector Banks (PSBs), upgradation of the quality of Board deliberation, setting-up of a Bank Investment Company (BIC) and reducing Government’s stake in PSBs to less than 51%, uniform licence regime across all broad based banks, selection of top manage- ment of bank by Banks Board Bureau and subsequently by BIC and then Banks’ Board. The Committee also recommended for a new category of authorized bank investors, consisting of pension funds and other types of money market funds. The Report has not been submitted to the Government by the RBI.
(c) to (d): Major Bank Trade Unions have protested against the implementation of the recommendations of the Committee.