On June 8, finance minister Piyush Goyal had announced formation of a committee under the chairmanship of PNB non-executive chairman Sunil Mehta and the SBI chairman and Bank of Baroda managing director PS Jayakumar as members. State Bank of India (SBI) chairman Rajnish Kumar, who is a member of the panel formed to give recommendations for setting up a state-run bad bank, today said they will soon submit the report to the finance ministry. On June 8, finance minister Piyush Goyal had announced the formation of a committee under the chairmanship of Punjab National Bank (PNB) non-executive chairman Sunil Mehta and the SBI chairman and Bank of Baroda managing director PS Jayakumar as members. The minister gave the panel a fortnight to submit their report on the feasibility of setting up an asset reconstruction company (ARC)/an asset management company (AMC) for faster resolution of bad loans. "We have crossed the deadline but 99 per cent of the work is over. After giving some finishing touches, it will be presented to the finance ministry soon," Kumar told reporters here after the bank's AGM here. Goyal had said the panel would consider whether such an arrangement will be good for the banking system that is fighting its worst bad loan problem, and, if any such suggestion is advisable, it will also consider the modalities by which such an ARC/AMC should be set up. Meanwhile, it has been learnt that SBI managing director B Sriram has resigned following his appointment as chief executive of the crippled IDBI Bank. Government had last week appointed Sriram as managing director and chief executive of IDBI Bank for three months. According to sources, Sriram has put in his papers and his resignation from has been forward to the Appointments Committee of the Cabinet headed by the prime minister for acceptance. Sriram, however, today refused to comment. When asked Kumar about Sriram's resignation, he said, "it is something that you should wait a little bit more. Earlier also we managed with three MDs many times." Sriram took charge of IDBI Bank on June 22 following MK Jain demitting office to take over as a deputy governor of the RBI. The Ministry of External Affairs (MEA) has written to several European countries seeking help in tracing bank fraud fugitive Nirav Modi even as it asserted that he did not have more than one Indian passport in his possession. MEA Spokesperson Raveesh Kumar said the ministry has also sent messages to all its missions abroad to get in touch with local governments to deny entry to Modi and inform India if he was residing there. There were reports that Modi, wanted in connection with Punjab National Bank fraud case, may have visited the UK, France and Belgium in the past few weeks. "We have sent a message to all our Missions as well as to select countries requesting the help of the local government in denying entry and to inform us if he is residing in their country," Kumar said during a media briefing.