Here is an article to clear all your doubts regarding Mission Indradhanush Health and Banking Complete details. There are two different Mission Indradhanush and the both are completely different from each other. The one mission belongs to the Health sector and was launched by Jagat Prakash Nadda, Health and Family Welfare Minister. While the one related to Banking and Finance sector was launched Union Finance Minister, Arun Jaitley. Lets study the details and important points of Mission Indradhanush Health and Banking.
Complete details and Difference between Mission Indradhanush Health and Banking
Mission Indradhanush (Related to Health Sector)
Launched by : – Union Health Minister J.P Nadda on December 25, 2014
Aim : – To vaccinate all children against seven vaccine preventable diseases namely diphtheria, whooping cough (Pertussis), tetanus, polio, tuberculosis, measles and hepatitis B by 2020
Important Points of Mission Indradhanush Health
- The Mission was launched on Good Governance Day to mark the birth anniversary of Pandit Madan Mohan Malaviya and birthday of former Prime Minister Atal Bihari Vajpayee
- 201 high focus districts in the country in the first phase have been identified which have 50% of all unvaccinated or partially vaccinated children and it will be covered in First phase
- From 2009-2013 immunization coverage has increased from 61% to 65%. The mission is targeted to achieve full coverage by 2020
- The four special vaccination campaigns were conducted between April and July 2015 with intensive planning and monitoring of these campaigns
Mission Indradhanush (Related to Banking and Finance)
Launched by : – Union Finance Minister Arun Jaitley
In August 2015, the ministry of finance started a seven-pronged plan and named it Indradhanush. This scheme is also called A2G for public sector banks.
Aim: –The objective of this plan is to renovate the functioning of public sector banks. Indradhanush mainly stresses on systemic changes in state-run lenders, including a fresh look at hiring, a comprehensive plan to de-stress turgid lenders, capital immersion, accountability incentives with maximum rewards including stock options and cleaning up governance.
The plan Indradhanush stands for seven areas that are as follows:-
- Appointments: Administratives from the private sectors have been employed to run state-owned banks. The entire procedure for selection of MD and CEO was renovated. Separate post of CMDs and MD & CEO in PSU. Private sector candidates were also allowed to execute for the position of MD & CEO
- Bank Board Bureau: Bank Board Bureau will be a body of famous professionals and officials, which are going to replace the Appointments Board for the appointment. The anatomy of the bank board bureau will be like that bank board bureau will consists of a chairman and six more members
- Capitalization: The method of alloting Rs. 25,000 crore capital in 2015-2016 was- Rs 20,058 crore of the total will be alloted to 13 banks this financial year. The rest Rs 5,000 crore would be allocated based on their performance. This will inspire them to improve their efficiency in the current year. SBI will get the highest Rs 5,511 cr, followed by Bank of India at Rs 2,455 cr, IDBI at Rs 2,229 cr, PNB at Rs 1732 cr and IOB at Rs 2009 cr
- De-stressing: Due to several factors, projects are highly stressed which leads to Non-Performing Assets burden or Bad Loans. Therefore, De-stressing to their Non-Performing Assets is needed. Asset reconstruction companies would also be enhanced to deal with the bad loan situation
- Empowerment: The government will make it easier for PSBs to hire manpower to banks. The government is glancing at introducing Employee Stock Ownership Plan (ESOPs) for the PSU bank managements
- Framework of Accountability: The Ministry of finance decided that the banks used to come up with their annual target figures which were discussed between the government and banks. This was a new foundation of key performance indicators for state-run lenders to improve efficiency in functioning while comforting them of independence in decision making on simply commercial considerations
- Governance Reforms: The action of governance reforms started with “Gyan Sangam” which is a secret meeting of PSBs and Financial Institutions held at the beginning of 2015 in Pune where all stake-holders including Prime Minister, Finance Minister, MoS (Finance), Governor, RBI and CMDs of all PSBs and FIs be present at. The Gyan Sangam recommendations included staminising risk management practices. Each bank granted to nominate a senior officer as Chief Risk Officer of the bank