FM promises India Inc. DFI, ARC at the earliest to fight NPAs
CNBC-TV18 on Friday kick-started its 16th edition of India Business Leaders Awards (IBLA). Speaking at the special virtual townhall, Finance Minister Nirmala Sitharaman assured that the Department of Financial Services is working very intensely and said that both, DFI and the national ARC framework will be cleared at the earliest.
In the third quarter of the current fiscal, while large banks have been able to successfully come out of COVID-19 stress with minor hiccups on restructuring and NPA front versus the expectations, stress for mid and small banks stands elevated.
The highest deterioration or the NPAs from standstill accounts was for Bandhan Bank followed by Ujjivan, IDFC First Bank and RBL Bank. The lowest impact was for HDFC Bank, Federal Bank and SBI. For SBI, in fact, the proforma asset quality improved quarter-on-quarter.
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CNBC-TV18 on Friday kick-started its 16th edition of India Business Leaders Awards (IBLA). Speaking at the special virtual townhall, Finance Minister Nirmala Sitharaman assured that the Department of Financial Services is working very intensely and said that both, DFI and the national ARC framework will be cleared at the earliest.
“On the DFI and on the AMC, I know the DFS is working very intensely and all of us recognize that those two institutions or those two frameworks will have to be coming into play at the earliest,” she said.
“Our priority is that the DFI will have to be cleared at the earliest and this mechanism for the NPAs will also have to come into play sooner. So, I think they will definitely be on the top of my priority. They are and enough work is being done by the DFS and I think it will happen at the earliest,” she explained.
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(Edited by : Abhishek Jha)
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