23 Nov 2015 15:39 IST

FinMin will work on coordinated action to deal with banks' stressed assets: Jaitley

Expect quality of assets in the banking system to improve, says Finance Minister

The Finance Minister, Arun Jaitley, said on November 23 that he discussed with bankers the health of the banking system.

After a nearly three-hour-long meeting with bankers, Jaitley told reporters that he expects the quality of assets in the banking system to improve in the coming days.

Both the Government and the Reserve Bank of India have empowered the banks to effectively deal with asset quality issues.

The Finance Ministry will work on coordinated action to deal with stress in public sector banks.

Gold bond scheme will be opened in tranches, Jaitley said.

Going forward, once the bankruptcy law is enacted by Parliament, the banks would be even more equipped to deal with debtor defaults.

“Even now banks have full authority and autonomy to deal with each of its debtor failure as any prudent banker would do,” Jaitley told reporters in New Delhi.