Chidambaram Reviews Performance of PSU Insurance Firms - The New Indian Express

Chidambaram Reviews Performance of PSU Insurance Firms

Published: 12th May 2014 05:52 PM

Last Updated: 12th May 2014 05:52 PM

Finance Minister P Chidamabram today reviewed the annual performance of state-owned insurance companies at a meeting with heads of life as well as non-life insurance firms here.

"Broadly, progress was discussed...the issues still pending, to be addressed. So basically their performance was reviewed," Financial Services Secretary G S Sandhu said after the meeting.

Insurance companies made presentations to the Finance Minister and informed him about the progress made in the 2013-14 fiscal.

IRDA Chairman T S Vijayan and several senior officials of the ministry also attended the review meeting.

Chidambaram is scheduled to meet chiefs of public sector banks tomorrow to impress upon them the need to focus on the recovery of bad loans.

PSU banks have recovered Rs 18,933 crore of bad loans during the nine months till December 2013.

The non-performing assets (NPA), or bad loans, of the public sector banks have seen an uptrend since financial meltdown in 2008. During the 2013-14 fiscal, most of the public sector banks have reported rise in their NPA quarter after quarter.

The gross NPA of public sector banks rose to Rs 2.03 lakh crore at the end of September, from Rs 1.55 lakh crore on March 31, 2013.

The gross NPA of banks, including those in the private sector, rose by 28.5 per cent from Rs 1.83 lakh crore in March last year, to Rs 2.36 lakh crore in September.

comments powered by Disqus

Disclaimer: We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the NIE editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

Read More

follow us Mobile Site iPad News Hunt Android RSS Tumblr Linekin Pinterest Youtube Google Plus Twitter Facebook