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Panel to manage bad loans soon: Centre

India's Power Minister Piyush Goyal speaks during the India Economic Summit 2014 at the World Economic Forum in New Delhi November 6, 2014. REUTERS/Anindito Mukherjee/Files

Mumbai :Finance Minister Piyush Goyal announced to set up a committee to give recommendations in two weeks on the formation of an Asset Reconstruction Company for faster resolution of stressed accounts.
After meeting the heads of state-owned banks, Goyal said the government “stands solidly behind each of the 21 public sector banks (PSBs)”.
The committee under Sunil Mehta, non-executive chairman of PNB, will make recommendations in two weeks on setting up of an Asset Reconstruction Company or Asset Management Company for faster resolution of stressed accounts, he said.
He also said that all vacant positions of PSB heads will be filled in the next 30 days.
Also, banks will consider having oversight committees with external experts to help faster decision making and resolving stressed accounts in a transparent and speedy manner.