In pursuance to the directions of the Best Court, the Finance Ministry will soon setup a screen to look into the issue associated with mounting bad loans plus come out with things to deal with the issue.
The committee in charge of a particular competition, golf course, rules of golf committee, etc. to look directly into non-performing assets (NPAs) problem will be introduced soon relative to the ideas of the Honourable Supreme Court, a senior Finance Ministry official said.
It will consider various concerns related to NPAs and approaches to rein this, the official additional.
Besides, it will point out in case loan acceptance process in addition to system is struggling with any spaces or lacuna.
Some names have been considered for the -panel including Union Bank associated with India Leader and Handling Director Arun Tiwari, Indian Bank DOCTOR M Nited kingdom Jain plus legal expert M L Umarji, the required said, adding it could be headed by older official from the Finance Ministry.
Last month, the particular bench going by Supreme Court Chief Justice T S Thakur suggested the particular Centre to consider setting up a committee of professionals which would type in the entire gamut of issues related to NPA.
You propose a panel to look in it. We will accept the offer, a counter comprising Chief Justice and Justices L Banimathi and U Oughout Lalit experienced said.
Inform us about device for recovering the fees. There may be a few mechanism to handle it. There is also a need of amendments. Advise the ways and means by which these things could be prevented, it seemed to be observed.
We have been trying to spotlight the issues because there is something not working. If your method would have already been perfect then things would not have took place, it had said while ability to hear PIL filed by mature advocate Prashant Bhushan.
The particular gross NPAs of public sector financial institutions (PSBs) improved from 5. 43 % as upon March 2015 to seven. 30 per cent as about December 2015. Gross NPAs of PSBs increased through Rs a couple of, 67, 065 lakh crore in 03 to Rs 3, 61, 731 lakh crore keep away from.
At the end of December, as many as 701 accounts together with bad loans exceeding Rs 100 crore owed general public sector banks (PSBs) Rs 1 . 63 lakh crore, while SBI accounted for the biggest chunk.
Playing down the NPA issue, RBI Governor Raghuram Rajan upon Saturday experienced said Indias banking sector is facing problems but there is no chance the country dealing with a Lehman moment.
Lehman moment refers to the collapse of the leading US expense banker Lehman Brothers within 2008 which triggered a global economic crisis.