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National News

Jul 03, 2018
10:29AM

AMC, steering panels to be set up for faster resolution of NPAs: FM Piyush Goyal

Finance Minister Piyush Goyal has said that independent asset management companies (AMCs) and steering committees will be set up for faster resolution of the non-performing assets (NPAs), or bad loans, of state-run banks. 

He was briefing reporters in New Delhi on the government accepting the NPAs resolution plan put forward by a committee headed by the Punjab National Bank Chairman Sunil Mehta. 

Mr Goyal said, the panel has recommended the creation of an AMC under the framework of an alternative investment fund (AIF) to deal with NPA cases of more than Rs. 500 crore. 

Finance Minister said, government will not intervene in the resolution process which will be entirely led by banks.

There are about 200 such accounts, each owing more than Rs. 500 crore to banks, with a total exposure of about Rs. 3.1 lakh crore. 

Mr Goyal said, Sunil Mehta panel presented project 'Sashakt' and has recommended a five pronged strategy to deal with stressed assets. 

He said, the plan focuses on turning around assets in a manner that will create additional jobs by reviving businesses and prevent job losses from foreclosures. 

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