2nd edition of Gyan Sangam kicks off today

March 04, 2016 08:17

The second edition of Gyan Sangam, a retreat of heads of public sector financial institutions, will begin today against the backdrop of the government's strategy to favour consolidation among public sector banks.

Earlier this week, Finance Minister Arun Jaitley, in the Budget 2016-17, said the government will unveil a road map for consolidation in public sector banks.

The two-day conference, to be attended by Jaitley, Minister of State for Finance Jayant Sinha, RBI Governor Raghuram Rajan, Financial Services Secretary Anjuly Chib Duggal and other senior finance ministry officials, will see discussion on mergers and acquisitions in the banking sector, sources said.

The Gyan Sangam this time is unlikely to be addressed by Prime Minister Narendra Modi.

Banking sector is grappling with rising non-performing assets, which are expected to rise further in coming quarters.

Gross NPAs of public sector banks stood at Rs 3.60 lakh crore at December-end, up from Rs 2.67 lakh crore at the end of March 2015. In the case of private banks, gross NPAs stood at Rs 38,396 crore at December-end, up from Rs 31,576 crore at March-end 2015.

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