Appalling Loans Confronts the Public Sector Banks- Finance Minster Exhorted
Posted on: 06/Mar/2014 5:33:28 PM
Because of high rates of ghastly loan prevailing among large companies, public sector banks are facing their biggest challenge in effectively dealing the non-performing assets (NPAs), exhorted by the Finance Minister P.Chidambaram.
NPAs are elevated in large corporate sector as well as in the SSI and MSE sector, he added.As per the advice to the banks from the finance minster to mainly focus on the recovery; as the results the PSU banks recovered Rs.18, 933 Crores of bad loans all through the period of nine months till December, 2013.Prior to September, ghastly loans of PSU banks mount by 28.5 percent to Rs.1.83 Lakh Crores.
Kolkata-based United bank declared that it had showed the net loss of Rs.1, 238 Crores in the past three months till December, 2013. Separate discussion on these issues would have been held with the Reserve Bank of India Governor Raghuram Rajan on Friday.
About the gold import limitation, the Finance Minister avowed that the government would evaluate the customs duty on the metal after the conclusive Current Account Deficit (CAD) numbers for this fiscal year were released out.
Resuming the Import duty in Gold will be carried out only after the CAD data�s were clear for the end of the year, he added.
