Arvind Subramanian To Brief Parliament Body On 8.99 Lakh Crore Bad Loans

The Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) have also been summoned by the panel to discuss the matter.

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Arvind Subramanian To Brief Parliament Body On 8.99 Lakh Crore Bad Loans

Arvind Subramnaian had announced his resignation on June 20, citing family commitments. (File)

New Delhi: 

Outgoing Chief Economic Adviser Arvind Subramanian shall brief a parliamentary panel on the issue of mounting non-performing assets on Wednesday.

While the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) have also been summoned by the panel to discuss the matter, a date for the same is yet to be decided, sources said.

The parliament's committee on estimates, headed by veteran BJP leader Murli Manohar Joshi, has been briefed by senior finance ministry officials, including Hasmukh Adhia and deputy governors of the RBI. Members of the panel posed a number of questions over the rising non-performing assets (NPAs) and crisis in the banking sector, sources said.

During a meeting of the parliamentary panel, which lasted for more than four hours, the members demanded various documents including minutes of the board meetings of the public sector banks, in which high-ticket value loans were approved.

Sources said ED Director Karnal Singh and CBI Director Alok Verma will also brief the panel on the issue. The investigating agencies have been called as they are probing various cases of NPAs and complaints against senior bank officials related to sanctioning of loans.

The banking sector is grappling with rising non-performing assets, which touched Rs 8.99 lakh crore or 10.11 per cent of total advances at December-end 2017.

Of the gross NPAs, the public sector banks accounted for Rs 7.77 lakh crore.

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