Expedite on-boarding of stressed accounts by the National Asset Reconstruction Company (NARCL), enhance focus on prevention of bank frauds and wilful defaults, improve due diligence before loan disbursal, take proactive cybersecurity measures, and ensure security of customers’ private data–these were among the key directions and recommendations made by the Finance Ministry to public sector banks (PSBs) at a meeting to review the lenders’ performance.
The meeting, held Saturday, was chaired by Finance Minister Nirmala Sitharaman and attended by Minister of State for Finance Bhagwat Kishanrao Karad, Department of Financial Services (DFS) Secretary Vivek Joshi, heads of the PSBs, and senior DFS officials. This could be the last full review of the PSBs before the presentation of the Interim Budget for 2024-25 (FY25) and the Lok Sabha polls, which are likely in a few months.
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