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The two-day Gyan Sangam, a retreat of heads of public sector financial institutions, will begin on Friday and debate issues related to restructuring and consolidation in the state-owned banks, recovery of non-performing assets (NPAs) and credit growth among others.
On Monday, finance minister Arun Jaitley announced in the Budget 2016-17 that the government will unveil a roadmap for consolidation in public sector banks. The government is debating merging subsidiary banks with parent bank, in the case of State Bank of India for instance, and consolidating weak banks with the strong banks.
The retreat will 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.
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“This retreat has been held to take forward the government’s commitment to reforms in
the banking and financial sector. The growth and change in the financial sector ought to be in tune with the development in the real sector,” the finance ministry said in a statement on Thursday.
The idea of organising such a retreat is to provide an informal academic environment, which can bring out the creative best of the minds of professionals and regulators, it said.
Gyan Sangam was first held last year in Pune and addressed by Prime Minister Narendra Modi.
The objective of this retreat is to arrive at a common understanding on the reforms required in for state-owned banks, the ministry said.
