Union Finance Minister Nirmala Sitharaman discussed banking issues with chiefs of Public Sector Banks (PSBs), chief executive of Indian Banks’ Association and representatives of leading private sector banks and launched eBkray, an online platform to increase the transparency in auctioning of assets attached by banks. The platform is equipped with property search features, and navigational links to all PSB e-auction sites provide single-window access to information on properties up for e-auction as well as a facility for comparison of similar properties photographs and videos of uploaded properties.
Daily Current Affairs Quiz 2019
Extensive reforms carried out by the government have helped banks reduce bad loans. The gross non-performing assets (NPAs) of PSBs have declined from ₹8.96 lakh crore in March 2018 to Rs. 7.27 lakh crore in September 2019, with their provision coverage ratio rising to their highest level in seven years.
