Incidence of financial frauds in recent times further underscores the significance of sound corporate governance standards in banks. The Government, the Bank Board Bureau and the Reserve Bank are currently engaged in developing an objective framework for performance evaluation and this should redefine the contours of corporate governance in the public sector banks (PSBs) with a focus on transparency, accountability and skills. 10.
The PBC resolutely implemented the decisions of the CPC Central Committee and the counter-crisis package plan developed by the State Council, made timely adjustments to the direction, priority and intensity of monetary policy, reduced the benchmark interest rates for deposits and loans five times and the required reserve ratio four times so as to ensure an adequate supply of liquidity and eventually make China’s economy among the first in the world stabilize and rebound in 2009.