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Top notch bankers representing the country's largest banks and financial institutions have landed up at the North Block here on Tuesday morning to be part of the customary pre-budget meeting with the Union Finance Minister.
This meeting, which has just begun, comes at a time when the Indian banking system is faced with severe challenges especially on the non-performing assets front.
A slowing economy has cast a shadow on the finances of the public sector banks, who have been worst hit by the faltering economy.
Today's meeting chaired by Finance Minister Arun Jaitley has good representations from both public and private sector banks.
Reserve Bank of India Deputy Governor Urjit Patel--who is best known for his recent recommendations on monetary policy--is also attending the meeting.
Besides the NPA situation, indications are that the meeting will discuss the legislative changes that may be required in the upcoming Budget session to strengthen the hands of the players in the financial sector.
Non-banking finance companies are keen that they be allowed to claim tax deduction on the provisions they make towards bad debts. Asset-based NBFCs are also keen they be given powers under the Sarfaesi law to strengthen their loan recovery efforts.
Top bankers and chief executives attending today's meeting include Bank of Baroda Chairman & Managing Director SS Mundra, State Bank of India Chairman Arundhati Bhattacharya, Punjab National Bank Chairman and Managing Director K.R.Kamath, HSBC India Chief Naina Lal Kidwai, India Infrastructure Finance Company Ltd Chairman and Managing Director S B Nayar and New India Assurance Chairman and Managing Director G Srinivasan.
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