Jaitley to meet heads of public sector banks today

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Grand alliance tried, tested, failed idea: Jaitley
Arun Jaitley (File Photo: IANS)

The heads of public sector banks (PSBs) will meet Finance Minister Arun Jaitley for him to review their performance and to take stock of the sector reeling under non-performing assets (NPAs) and scams.

“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.

The meeting comes in the backdrop of huge losses reported by many of the PSBs in the previous fiscal, various allegations of frauds and scams, identification of higher NPAs, credit-related issues and government-induced consolidation.

Last week, the government proposed the merger of three state-run banks – Dena Bank, Vijaya Bank and the Bank of Baroda – into an amalgamated entity through Alternative Mechanism, set up to fast-track consolidation to create strong lenders.

“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,” said an official adding that the meeting with banks will happen at Vigyan Bhawan here.