Commenting on the performance of PSBs during 2016-17, Jaitley said PSBs had made a stable operating profit of ₹1.5-lakh crore.
RBI Deputy Governor SS Mundra said an internal advisory committee had been constituted to help the central bank "identify accounts" that needed to be referred for the IBC process.
Chairing a meeting to review the performance of public-sector banks (PSBs) here, Jaitley said: "You will be shortly hearing about it (list of cases to be resolved through the IBC)".
Reserve Bank of India has said that it has identified 12 accounts totalling about 25% of the current gross non performing assets (NPAs) of the banking system that would qualify for immediate reference under the Insolvency and Bankruptcy Code, 2016 (IBC).
He said the RBI is at a fairly advanced stage of preparing a list of debtors whose cases require resolution through the IBC process, and added that 81 cases have been filed under IBC, with 18 of them coming from financial creditors. But we are actively working in that direction.
The finance minister observed that there are challenges to credit growth and speedy resolution for all pending NPA cases is the need of the hour.
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However, all were put aside after Pyongyang tested a batch of four cruise missiles into the Korean peninsula. Forces Korea from North Korea's growing threats", he added.
On non-performing assets, Jaitley said rules have been framed for six large sectors including telecom and power and task forces and committees have been on the job."One of the important components was to enhance the size and scope of oversight committee... I think soon some of the action points will emerge from that", Mundra said.
A day after the Maharashtra government announced a total loan waiver for farmers in the state, Finance Minister Arun Jaitley said states keen on setting aside such loans will have to generate funds from their own resources, IANS reported on Monday. Subject to various provisioning requirements, their net profit stood at Rs 574 crore.
"Banks are making their best efforts through the infrastructure that is available to them".
The RBI also made substantial changes in the related norms and also warned banks of monetary penalty for missing NPA resolution timelines. While, Andhra Pradesh and Telangana have also demanded for waiving farm loans.
The government also reviewed the PSBs' preparedness for rolling out the goods and services tax (GST) regime from July 1. Other issues that were discussed at the meeting were financial position of public sector banks and review of all financial inclusion schemes and cyber security.
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