With little possibility of the two big ticket IBC cases — Essar Steel and Bhushan Power and Steel — happening this fiscal, the Department of Financial Services (DFS) will meet the PSU banks on March 18 to review the status of their non-performing assets (NPAs).
The DFS has set an NPA recovery target of Rs 1.8 lakh crore for the public sector banks (PSBs) which has to be achieved by March end. The meeting will be conducted via video-conferencing, said a banking source, adding that a senior DFS official will review the NPA recovery status of individual banks and the overall target.
Last year, Financial Services Secretary Rajiv Kumar had said that recoveries of about Rs 1.8 lakh crore were assessed by the banks which were from the cases under the Insolvency and Bankruptcy Code (IBC) and those outside it. Read More
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