Panel on PSB NPA resolution to submit report shortly: SBI Chairman

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Non Performing AssetsThe panel form to bring quick solution to mounting menace of Non-Performing Assets (NPAs) will soon be submitting its final report to Union Ministry of Finance.

Rajnish Kumar, Chairman of State Bank of India (SBI) who is also a member of the panel said that the report will be shortly submitted to the ministry.

On June 8, finance minister Piyush Goyal had announced the formation of a committee under the chairmanship of Sunil Mehta, Non-Executive-Chairman, Punjab National Bank and the SBI Chairman and PS Jayakumar, Bank of Baroda Managing Director as members.

The minister directed the panel to submit a report within a fortnight, analysing the feasibility of setting up an asset reconstruction company (ARC)/an asset management company (AMC) for bringing faster resolution to NPAs.

“We have crossed the deadline but 99 per cent of the work is over. After giving some finishing touches, it will be presented to the finance ministry soon,” said Kumar.

Meanwhile, SBI’s managing director B Sriram has resigned as he has been appointment as chief executive of the IDBI Bank.

Centre has appointed Sriram as managing director and chief executive of IDBI Bank for three months, just before his tenure with SBI was about to complete.

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