Finance Minister Arun Jaitley on Monday said that the steps taken by the government and RBI to address issues in specific sectors will help reduce stress in the banking system over time.
Adding that he was not happy with the current level of non-performing assets (NPAs) in public sector banks, Jaitley after the meet with the PSU bank heads said that the Finance Ministry will work on coordinated action to deal with stress in public sector banks.
The health of the public sector banks was key subject of discussion," Jaitley said after reviewing the performance of public sector banks.
"Discussed issue of willful defaulters. Discussed various social security schemes introduced by government, including progress of Jan Dhan Yojana. As demand picks up, credit offtake will also pick up," the Finance Minister added.
Speaking about the Gold bonds, Jaitley said that the scheme will be opened in tranches.
Jaitley also added that the government will sell shares in some state-run companies when market conditions improve. The government has been struggling to meet its asset sales target that is crucial to help plug in the fiscal deficit and has raised just about $2 billion or less than 20 per cent of its divestment target so far this year.
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