Arun Jaitley meets heads of PSB to review bad loans and other overall functioning
The finance minister chaired the meeting, where, among other things, the issue of non-performing assets (NPAs) or bad loans were discussed in detail.
According to media reports, bad loans in the book of public sector banks has crossed rupees six lakh crore and the minister is keen to expedite the recovery of the same.
Last month an ordinance was promulgated amending the Banking Regulation Act 1949.
The amendment empowered the Reserve Bank of India (RB) to ask banks to initiate insolvency proceedings to recover bad loans, media reported.
This meeting is the first meeting after the amendment was promulgated.