Bankers brainstorm with Goyal on improving credit flow, sector's heath

Top bankers from north and south India on Friday discussed modalities to improve credit flow and setting up global standards in the banking system, Finance Minister Piyush Goyal said here.

"There was an internal discussion among the bankers, particularly in respect to improving credit flow while mitigating risk associated with it," he said in a press conference after meeting the bankers.

Goyal said the banks may also consider having an oversight company with retired judges or vigilance officers to advise on the health of the banks.

A committee has been formed under Sunil Mehta, non-executive Chairman, Punjab National Bank to come up with recommendations, within two weeks, on suggestions given by bankers on Friday on whether to set up a asset reconstruction company or asset management company for faster resolution of stressed asset.

"The government stands committed to support 21 public sector banks," the minister added.

--IANS

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