SC's coal verdict: Banks to approach RBI for restructuring assets
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Acknowledging that the Supreme Court order on mass cancellation of coal block licences may impact banks' asset quality, Financial Services Secretary G S Sandhu said yesterday that banks will approach RBI for restructuring such assets.
Speaking to media persons in Mumbai yesterday Sandhu said, efforts will be made to avoid bank accounts from becoming NPAs.
He said the Financial Services Department, which oversees functioning of all the 27 state-run banks - who control nearly three-fourths of banking system - is also talking to the Coal and Power ministries to ensure that the fuel supply alternatives are put in place.
On the affected sectors, Sandhu said, banks have lent to power companies and steel plants which in turn have coal linkages with the cancelled coal mines. Sandhu also informed that the government will shortly announce the life insurance cover to be provided to the new bank accounts being opened under the Prime Minister's Jan Dhan Yojana.
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