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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
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
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