Sunday, February 5, 2023
  • Janam TV Malayalam
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Services
Janam TV English
  • ‌
  • News
    • Kerala
    • India
    • Gulf
    • World
  • Business
  • Defence
  • Tech
  • Science
  • Health
  • Podcast
  • ‌
    • Travel
    • Entertainment
    • Lifestyle
    • Sports
    • Guest Column
    • Auto
No Result
View All Result
  • ‌
  • News
    • Kerala
    • India
    • Gulf
    • World
  • Business
  • Defence
  • Tech
  • Science
  • Health
  • Podcast
  • ‌
    • Travel
    • Entertainment
    • Lifestyle
    • Sports
    • Guest Column
    • Auto
No Result
View All Result
Janam TV English
No Result
View All Result
  • News
  • Business
  • Defence
  • Health
Home Business

Committee formed to examine setting up of Asset Reconstruction Company for faster resolution of stressed assets of Public Sector Banks

by Janam Web Desk
Jun 8, 2018, 07:36 pm IST
in Business

New Delhi: A Committee has been formed under the Chairmanship of  Sunil Mehta, non-executive chairman of Punjab National Bank to examine the setting up of an Asset Reconstruction Company (ARC) and/or Asset Management Company (AMC) for faster resolution of stressed assets involving multiple Public Sector Banks( PSBs). The Union Finance Minister,  Piyush Goyal  announced this today , while interacting with the media at  Mumbai , after meeting with heads of Public Sectors Banks based out of western and southern regions to resolve various issues concerning them. The main objectives of the meeting were to discuss matters regarding improving credit flow, while mitigating risks, to further strengthen the growing Indian economy and on achieving global standards for Indian banks.

Goyal further stated that this Committee will consider whether such an arrangement will be good for the banking system. If it is considered advisable, the Committee will also consider the modalities by which such an ARC / AMC should be set up.

The Union Finance Minister also announced that that Bank of Baroda Chief  Jayakumar will formulate a strategy regarding PSBs taking over good loans of banks under Prompt Corrective Action (PCA). He said that a consortium of banks will take over good loans of banks under PCA.

Goyal said that SBI has over the years had a very robust mechanism by which fast credit decisions are taken in a very transparent and speedy manner. He said that he is given to understand that all the bankers are now wishing to set up such a mechanism which will enable faster resolution of stressed accounts in a transparent and speedy manner. The Minister also spoke of a proposal to have oversight committees who will bring in external expertise to bring in faster decision-making in Indian banks.

Goyal informed that several other suggestions came up to strengthen the governance process and improve performance of Public Sector Banks. He said that these suggestions have strengthened the confidence of the Government in the future performance of the banks.Goyal said that as owner of 21 Public Sector Banks, the Government of India stands committed to support each and every one of these banks. He said that the Government believes that these banks have a very important role to play in the economic and social development of India. He said that the Government stands committed to strengthen the operations of PSBs and to protect the interests of depositors, customers, employees and other stakeholders of these banks.

The Minister said that Indian Public Sector Banks have to come together to work together in a more cohesive fashion, to resolve the credit needs of MSMEs, exporters and other small and medium borrowers. He informed that clauses have been devised by bankers to ensure that credit flow to good borrowers and good accounts happens smoothly.

The Minister expressed confidence that the various initiatives taken by the Government, the RBI and the banks for an honest appraisal of the asset quality of the PSBs is strengthening these banks to be able to meet the ever-growing needs of the common man and of MSMEs, thereby ensuring that these banks are able to lend in a fair and transparent manner, at lower cost of credit. The Minister said that the honest recognition of Non-Performing Assets and the resolution framework under the Insolvency and Bankruptcy Code (IBC) has brought to light large amounts of indiscriminate lending during the 2008 – 2014 period. He said that the resolution process will help banks better serve the people of India, and that the Government of India will all necessary support to ensure the success of this resolution process in terms of both governance reforms and balance sheet management.

Goyal said that the efforts being taken by the banks have strengthened the Government’s commitment to support these efforts. He said that the Government and the RBI will together be able to get the PSBs into good shape, making them the engine of the Indian economy once again.

ShareTweetSendShare

Related News

PM bows to Mahatma Gandhi on his Punya Tithi
News

PM bows to Mahatma Gandhi on his Punya Tithi

Round Table on ‘Reaching Out – India and the SCO’ organize at SCO Film Festival
News

Round Table on ‘Reaching Out – India and the SCO’ organize at SCO Film Festival

Ministry of Panchayati Raj organizing one-day deliberation meet on 30th January
News

Ministry of Panchayati Raj organizing one-day deliberation meet on 30th January

Latest News

Vice President calls upon youth to practise and follow Fundamental Duties

Vice President calls upon youth to practise and follow Fundamental Duties

Pariksha Pe Charcha 2023: PM interacts with students, teachers and parents

Pariksha Pe Charcha 2023: PM interacts with students, teachers and parents

PM shares interesting repository of mantras and activities on Pariksha Pe Charcha

PM greets citizens on Republic Day

President of India graces the inauguration of 18th National Jamboree of the Bharat Scouts and Guides in Rajasthan

President of India to confer the Pradhan Mantri Rashtriya Bal Puraskar 2023 tomorrow

PM shares interesting repository of mantras and activities on Pariksha Pe Charcha

PM greets people of Meghalaya on their Statehood Day

PM congratulates RRR team on winning Golden Globe Award for Best Original Song ‘Naatu Naatu’

PM lays foundation stone and dedicates various developmental projects in Kodekal, Karnataka

Amit Shah greets NDRF on its 18th Raising Day

Amit Shah greets NDRF on its 18th Raising Day

 NCC Horse Show 2023 organised at Delhi Cantt

 NCC Horse Show 2023 organised at Delhi Cantt

  • Janam TV Malayalam
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Services

© Janam Multimedia Limited

No Result
View All Result
  • ‌
  • News
    • Kerala
    • India
    • Gulf
    • World
  • Business
  • Defence
  • Tech
  • Science
  • Health
  • Podcast
  • ‌
    • Travel
    • Entertainment
    • Lifestyle
    • Sports
    • Guest Column
    • Auto

© Janam Multimedia Limited