Piyush Goyal announces committee to set up Asset Reconstruction Company


The Hindu

Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


 The government “stands solidly behind each of the 21 public sector banks (PSBs)”, says the Finance Minister

Finance Minister Piyush Goyal on Friday announced setting up of a committee to give recommendations in two weeks on formation of an Asset Reconstruction Company for faster resolution of stressed accounts.

After meeting the heads of State-owned banks, Mr. Goyal said the government “stands solidly behind each of the 21 public sector banks (PSBs)”.

The committee under Sunil Mehta, non-executive chairman of Punjab National Bank (PNB), will make recommendations in two weeks on setting up of an Asset Reconstruction Company (ARC) or Asset Management Company (AMC) for faster resolution of stressed accounts, he told reporters in Mumbai.

Most of the stressed assets have been identified that could fit into the ARC or AMC structure, he said.

Also, banks will consider having oversight committees with external experts to help faster decision making and resolving stressed accounts in a transparent and speedy manner.

Mr. Goyal said discussions during the meeting focused on credit flow and banks devising mechanism to ensure credit flow to good borrowers should not face difficulties.

Risks need to be mitigated to support economy, he said, adding that all bankers wished to set up a mechanism to enable faster resolution of stressed accounts.

He also said that all vacant positions of PSB heads will be filled in the next 30 days.

Suggestions about strengthening governance process and honest recognition of non-performing assets (NPAs) or bad loans were discussed at the meeting, he said.

He assured that processes will be streamlined and customer interest protected.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Welcome to Thonse Naturecure Hospital
View More

Save SwarnaSave Swarna
@ Rosario Grounds, Mangalore@ Rosario Grounds, Mangalore
Photo Album:

Ronald Andrade (67), laid to Rest.
Comments:

Obituary: Ronald Andrade (67), Kambla Thota, Kemmannu
Rozarich Gaanch September- 2018Rozarich Gaanch September- 2018
Flat For Sale in BrahmavarFlat For Sale in Brahmavar
Milarchi-Lara-September-2018Milarchi-Lara-September-2018
Welcome to Thonse Naturecure HospitalWelcome to Thonse Naturecure Hospital
Santhosh Villa short film by youth of Udupi Parish and ICYM.Santhosh Villa short film by youth of Udupi Parish and ICYM.
Crossland College, Year book 2017-18Crossland College, Year book 2017-18
Watch Eye to Eye by Avila D’souzaWatch Eye to Eye by Avila D’souza
Delite Caterers and Delite Event ManagementDelite Caterers and Delite Event Management
An appeal to Kemmannu Parishioners, Friends and Well Wishers:

[Comments]

An appeal to Kemmannu Parishioners, Friends and Well Wishers:<P> <Center>[Comments]</P> </Center>
Read online Uzvaad:<font color=red> Read online Uzvaad</font color=red>:
For all your travel needs contact Sequeira TouristFor all your travel needs contact Sequeira Tourist
Power Care Services, MoodubellePower Care Services, Moodubelle
Read Online RaknnoRead Online Raknno
Kemmannu Platinum Jubilee Souvenir – Amruth KaanikKemmannu Platinum Jubilee Souvenir – Amruth Kaanik
Udupi TodayUdupi Today
St. Alphonsa of India