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Buoyed by response, government to organise second edition of Gyan Sangam

In view of rising bad loans, their resolution and other vigilance issues, the government will kick start the second edition of Gyan Sangam – a retreat for banks and financial Institutions – by holding an interactive session with CVC.

, ET Bureau|
Updated: Mar 03, 2016, 06.06 PM IST
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In view of rising bad loans, their resolution and other vigilance issues, the government will kick start the second edition of Gyan Sangam – a retreat for banks and financial Institutions – by holding an interactive session with CVC.
In view of rising bad loans, their resolution and other vigilance issues, the government will kick start the second edition of Gyan Sangam – a retreat for banks and financial Institutions – by holding an interactive session with CVC.
In view of rising bad loans, their resolution and other vigilance issues, the government will kick start the second edition of Gyan Sangam – a retreat for banks and financial Institutions – by holding an interactive session with central vigilance commission (CVC).

"Last year, bankers had raised queries on various issues related with vigilance and so we thought who best than the CVC itself to address them and more so in such troubled times," said a finance ministry official.

In a statement the finance ministry noted that the retreat has been held to take forward the government’s commitment to reforms in the banking and financial sector. “The growth and change in the financial sector ought to be in tune with the development in the real sector,” it said.

Bankers have been clubbed into five working groups, on restructuring including merger and acquisitions, NPA management and recovery, technology, digital and financial Inclusion, credit growth and risk management.

The two day retreat will be attended by finance minister Arun Jaitely, RBI Governor Raghuram Rajan, minister of state for finance, Jayant Sinha, financial services Secretary Anjuly Chib Duggal and other senior finance ministry officials.

Rajan will give an address on asset quality review (AQR) which lead to banks setting aside large sums to cover bad loans. Most banks reported a sharp drop in third-quarter profit or posted losses. The central bank wants the clean-up to be completed by March 2017.

Among external experts, International Finance Corporation (IFC) will make a presentation and there will also be an address by Swami Sukhbodhanandji, often described as a ‘corporate guru’ and author of such books as, Oh Mind, Relax Please!,

"The objective of this retreat is to arrive at a common understanding among the professionals, regulators and the government on the reform, required in the public sector banks (PSBs) in the current economic situation," the finance ministry statement said.

Gross NPAs of public sector banks stood at Rs 3.60 lakh crore at December-end, up from Rs 2.67 lakh crore at the end of March 2015.

The first Gyan Sangam was held last year in Pune where prime minister Narendra Modi addressed heads of PSU banks and insurers and financial regulators, promising no interference from any government functionary in their commercial decisions.
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