Letter to BS: Time for Jaitley to act tough and root out the NPA malady

This is in reference to “Jaitley to be in office next week” (April 16). That the finance minister is joining work after recuperation is a welcome news. The most critical issue waiting for the FM's immediate attention is the issue of burgeoning non-performing assets. The NPA volcano is waiting to erupt and turn into a national catastrophe, with new skeletons tumbling out of the cupboard every day. The problem now calls for immediate corrective measures including bringing to book culprits responsible for the fiasco, however big they are. NPAs, willful default and scams like the one at Punjab National Bank are three cancers that require emergency surgery. Just the way Iceland worked with its banking sector to stem the rot. The question is whether the FM and the Narendra Modi government have the political will to take necessary steps to root out the NPA malady afflicting the banking sector and restore its health. Pushing the issue below the carpet for political or other reasons may lead to dire consequences. 

Mahendra B Jain

Belagavi