NPA resolution: PMO takes stock of progress

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The Prime Minister’s Office today held a stock taking meeting with senior officials of the ministries of finance and corporate affairs to review the progress in resolution of NPAs in the light of recent action taken by the Reserve Bank on stressed assets.

Prime Minister’s additional secretary P K Mishra had a review meeting on resolution of non-performing assets (NPAs) or bad loans which have reached unacceptably high level, sources said.

It was a regular stocking meeting on issues related to NPA resolution, sources said, adding that various measures to tackle rising bad loans were discussed.

The banking sector is saddled with NPAs of over Rs 8 lakh crore, of which Rs 6 lakh crore is on the books of public sector banks (PSBs).

Ministry of Corporate Affairs Secretary Tapan Ray, who also holds additional charge as secretary, Department of Economic Affairs, and Financial Services Secretary Anjuly Chib Duggal were among the senior officials present at the meeting.

The discussions covered preparedness of institutional mechanism, including that of National Company Law Tribunal (NCLT), to handle the resolution process.

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