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Centre sets up panel to consider banks’ stressed asset management: Piyush Goyal (Second Lead)

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Mumbai, June 8 (IANS) The government has set up a committee to examine the establishment of an Asset Reconstruction Company or an Asset Management Company for faster resolution of stressed assets involving multiple public sector banks, Finance Minister Piyush Goyal announced here on Friday.

The committee is chaired by Sunil Mehta, the non-executive Chairman of Punjab National Bank, and would examine whether such an arrangement would be good for the banking system.

If found advisable, the committee will work out the modalities to set up the ARC/AMC, Goyal he told mediapersons here.

He was speaking after meeting with the PSB heads of western and southern regions to resolve various issues affecting them, including improving credit flow, while mitigating risks, to further strengthen the growing Indian economy and achieving global standards for Indian banks.

Goyal also announced that Bank of Baroda chief P.S. Jayakumar will formulate a strategy regarding a consortium of PSBs taking over good loans of banks under Prompt Corrective Action.

Speaking about State Bank Of India (SBI), Goyal said it had a very robust mechanism by which fast credit decisions are taken in a very transparent and speedy manner.

Goyal said he believed that all bankers are now desiring to set up a similar mechanism to enable faster resolution of stressed accounts in a transparent and speedy manner.

In this regard, he discussed a proposal for oversight committees which would bring in external expertise to effect faster decision-making in Indian banks.

The minister added that many suggestions wree received to strengthen the governance process and improved performance of PSBs which have boosted the government’s confidence in the future functioning of the banks.

Goyal assured that as owner of 21 PSBs, the government was committed to support each and every one of them as they play a very important role in India’s socio-economic development.

Besides, he said the government was committed to strengthen the PSBs’ operations, protect the interests of depositors, customers, employees and all other stakeholders.

He urged the Indian PSBs to come together and work in a more cohesive fashion to resolve the credit needs of MSMEs, exporters and other small/medium borrowers.

Goyal informed that clauses have been devised by the bankers to ensure that credit flow to good borrowers and healthy accounts happens smoothly and the every-growing needs of the common man and other borrowers are met.

The minister said that honest recognition of Non-Performing Assetes and the resolution framework under the Insolvency and Bankruptcy Code has brought to light large amounts of indiscriminate loans during the 2008-2014 period.

–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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