The Union Railways and Coal Minister, Piyush Goyal, handling the additional Finance Ministry (FM) portfolio presently, said that the government is committed to supporting all state-run banks and will set up a dedicated mechanism to tackle bad loan issues.
Speaking on the issue of Non-Performing Asset (NPA), he said all banks are eager to set up a mechanism for faster resolution of stressed accounts.
“A presentation was made by the SBI based on several years of experience and I am given to understand that all the bankers are now wishing to set up similar a mechanism to enable faster resolution of stressed accounts in a very transparent and speedy manner,” the FM said.
Addressing the heads of public sectors banks (PSBs), he said that the State Bank of India (SBI) has over the years had a very robust mechanism by which faster credit decisions are taken in a transparent manner.
He added, “There is also a proposal that some of the banks may consider having oversight committees, comprising of retired judges, vigilance officials, regulators to bring in some external expertise to help faster decision-making in for Indian banks.”
Goyal was given additional charge of the Finance Ministry as Arun Jaitley is recovering from a kidney treatment at Delhi’s All India Institute of Medical Sciences (AIIMS).