Goyal promises a system to tackle bad loans

Piyush Goyal, SBI, Finance minister, Bad Loans, Arun Jaitley, State Bank of India, Public Sector Banks, Bank Scams, bad loan issues, 

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.

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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).

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