Finance Minister Arun Jaitley today termed the level of bad assets in the system as unacceptable and promised more autonomy for state-run banks to run business with a commercial mindset. There are unacceptable levels of NPAs (non-performing assets) in some cases and the banks have to be given a sufficient amount of leeway ... to deal with commercial issues with a commercial mindset, Jaitley told reporters on the sidelines of a two-day bankers retreat here. The Finance Minister said there is a need to bring about changes in many areas in state-run banks, including giving far greater autonomy and allowing them to hire the best talent. The two-day banking conclave, which started yesterday, is being held at a crucial time when India is moving towards accelerating the pace of growth, he said. The government, which a majority owner in 27 public sector banks, that control over 70 per cent of the system, wants to hear the problems plaguing the sector from the bankers and external experts as they know the best where the shoe pinches, he said. I am certain this conference is going to pave a way for a new roadmap, he added.
Posted on: Sat, 03 Jan 2015 16:41:11 +0000
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