Banks' image has gone down in recent years: PNB official

The non-executive chairman of Punjab National Bank (PNB), Sunil Mehta has said that the image of banks has gone down in recent years.

Speaking to ANI, after a meeting with interim Finance Minister Piyush Goyal in Mumbai on Friday, Mehta said, "The image of banks has gone down in recent years. But, at the end of the day, we have to rebuild and fix whatever has happened."

He further stressed that the banks have the responsibility of safe-guarding interest of all stakeholders.

"It's a heavy responsibility. Banks have faced tough situations in recent past. But, if we don't face tough situations, how will we become better. We learn from crisis," he added.

A committee of bankers, headed by the PNB non-executive chairman has been set up to look into new mechanisms that may help resolve the problem of stressed assets faster.

The committee will come up with recommendations to set up an Asset Reconstruction Company (ARC) or an Asset Management Company (AMC) for faster resolution of stressed assets.

This was announced by the interim Finance Minister during a meeting with the top public sector bankers in Mumbai.