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GRAF – Governance, Reward and Accountability Framework

Introduction:

The Bank Boards Bureau (BBB) has evolved a Governance, Reward and Accountability Framework (GRAF) ???????? an elaborative roadmap for Public Sector Banks (PSBs) to make them more competitive and to ensure that they have the ability to compete successfully against private sector banks, small finance and payments banks, foreign banks and non-banking finance companies; and to prepare them for possible mergers in future. The roadmap was chalked out by Vinod Rai, Chairman of BBB on April 14, 2017.

GRAF Methodology:????

GRAF will ensure that the best corporate governance practices are followed by the public sector banks while functioning strictly according to the various prevailing central laws, including the Companies Act, 2013, Banking Regulation Act, 1949, and Securities and Exchange Board of India (listing obligations and disclosure requirements) Regulations, 2015. Governance model of the public sector banks would be upgraded as recommended by the Basel Committee by incorporating a code of conduct for the bank officials, compensation reforms and rating systems. The BBB????????s GRAF move comes in the context of PSBs facing challenges on various fronts, including competition from new entrants, aggressive private banks and NBFCs eating into their market share on the loans front, and continuously increasing non-performing assets (NPAs) called ???????Bad Loans??????? in the layman????????s language.

Bank Boards Bureau (BBB):????

The BBB was operationalized after Finance Minister Arun Jaitley called for PSBs to be competitive, in his Budget speech of 2016-17 to make recommendations for the selection of the chiefs of PSBs and financial institutions and help them develop strategies and capital-raising plans. The Bureau started functioning from April 01, 2016 as an autonomous recommendatory body of Government of India housed in RBI’s Central Office, Mumbai.BBB has evolved a code of conduct and ethics that can be enforced across all PSBs to ensure the right behaviour. It has also come up with compensation reforms so that best practices can be introduced in PSBs on the lines already prevalent in Central Public Sector Enterprises. The BBB has evolved a relative performance rating system to assess the performance of PSBs, its directors and employees; and performance evaluation system based on which decision-making for the extension/termination of a whole-time director. BBB would also be advising the government on evolving training and development programmes for management personnel in PSBs and help banks develop a leadership succession plan.

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