Arun Jaitley to chair meet with Reserve Bank officials
Deccan Chronicle | DC Correspondent
Arun Jaitley will chair a high-level meeting with Reserve Bank officials on Friday.
Finance Minister Arun Jaitley
New Delhi: Finance Minister Arun Jaitley will chair a high-level meeting with Reserve Bank officials on Friday to address the issue of non-performing assets in the banking sector. The meeting, which will also be attended by financial services secretary Anjuly Chib Duggal, will discuss ways of resolution of stressed assets urgently, sources said.
While Chief Economic Advisor Arvind Subramanian had suggested setting up of a bad bank to deal with the problem of non-performing loans, RBI deputy governor Viral Acharya had floated the twin concept of Private Asset Management Company (PAMC) and National Asset Management Company (NAMC) for resolution of stressed assets. As on September 30, 2016, gross NPAs of public sector banks rose to Rs 6.3 lakh crore as against Rs 5.5 lakh crore at the end of the June quarter. This works out to an increase of Rs 79,977 crore on a quarter on quarter basis.