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PSBs to set up dedicated mechanism to manage stressed accounts: Goyal (Lead)

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Mumbai, June 8 (IANS) Public sector banks (PSBs) will soon create a dedicated mechanism for managing stressed accounts, Finance Minister Piyush Goyal said on Friday following a meeting with PSB chiefs on the issue of banks’ non-performing assets (NPAs), or bad loans.

The accumulated NPAs in the Indian banking system have crossed the staggering level of Rs 9 lakh crore. The proposed mechanism would seek a faster resolution of such cases.

“A panel under Punjab National Bank (PNB) non-executive chairman Sunil Mehta will give its report in two weeks over setting up of Asset Restructuring Company (ARC) or Asset Management Company (AMC) to resolve stressed assets,” Goyal told reporters here after the meeting.

“I have discussed improving credit flow to strengthen Indian economy while mitigating risk flow associated with that,” he said.

“The committee will deliberate whether it is worth considering setting up of an AMC to deal with assets having exposure to several banks. It will also consider if setting up of an ARC or AMC is good for the banking system.”

Noting that the State Bank of India has a “proven mechanism” to take faster decisions in a transparent manner, Goyal, who holds temporary charge of the finance portfolio in the absence of a convalescing Arun Jaitley, said all bank showed willingness to set up such a mechanism for faster resolution of stressed accounts.

“Some of the banks may also consider setting up oversight committees and bring in external expertise to help faster decision making,” he said.

Goyal said discussions during the meeting focused on credit flow and banks devising mechanisms to ensure credit flow to good borrowers should not be hampered owing to restrictions on credit activity due to NPAs.

“Risks need to be mitigated to support the economy,” he said.

The Minister said the meeting had discussed situation arising out of banks working in “silos” and PSBs “decided to come together in a cohesive manner to resolve the credit needs of MSMEs (micro, small, medium enterprises), exporters, small and medium borrowers so that the needs of the economy can be addressed.”

He also said that all vacant positions of PSB heads will be filled in the next 30 days.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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