Arun Jaitley to meet chief executives of PSBs to review financial performance today

The day-long meeting will reportedly cover agendas including bad loans and financial performance.

The day-long meeting will reportedly cover agendas including bad loans and financial performance. (Image: PTI)

New Delhi: The Finance Ministry recently informed that it is going to conduct an Annual Review Meeting with the CEOs of public sector banks (PSUs) to review their performance and to also to talk a stock of the banking sector which is currently reeling under non-performing assests (NPAs) and other scams. Finance Minister Arun Jaitley will chair this meeting with bank officials. “Finance Minister Arun Jaitley will chair the Annual Review Meeting of the CEOs of PSBs scheduled to be held on Tuesday in New Delhi,” the Finance Ministry said in a tweet. It is being said that the meeting is conducted in the backdrop of recent losses reported by several PSBs across the country in last fiscal. Various allegations of scams and fraudulent cases have emerged along with higher NPAs, credit related issues and government-induced consolidation. The day-long meeting will reportedly cover agendas including bad loans and financial performance. Jaitley will deliver his opening remarks followed by review of PSBs. The Finance Ministry is taking proper measures to curb the aforementioned issues pertaining to NPAs and other credit related issues. The government last week announced the amalgamation of three state-run banks – Dena Bank, Vijaya Bank and Bank of Baroda – to set up a fast track banking consolidation to create strong lending options in the country. “The meeting is likely to discuss the challenges facing the banks like NPAs and credit growth. Steps taken by banks to recover the bad loans will also be reviewed,” an official aware of the meeting told news agency IANS adding that the meeting with banks will happen at Vigyan Bhawan. The bankers will also hold discussions with Ministry of Electronics and Information Technology, Ministry of Rural Development, Ministry of Ministry of Micro, Small and Medium Enterprises (MSME) and Ministry of Housing and Urban Affairs officials. This discussion will likely revolve around measures to boost the MSME sector, housing loans and digitisation initiatives with the ministry with the ministry. Out of the Rs 2.11-trillion capital infusion programme announced in 2016, the government will infuse Rs 650 billion in this financial year.