The Public Accounts Committee (PAC) of Parliament on Friday decided to take suo moto examination of Non Performing Assets (NPAs) of public sector banks. Addressing media here, PAC Chairman KV Thomas said the growing debts of banks were a worrisome issue and the panel had already started examining the magnitude of the issue with RBI and banks.
“We examined chairpersons of the PSBs as well as Governor of Reserve Bank. Now we have received the reply from the Governor of the RBI a few days back and that will be further examined. It is on basis of our observations, government appointed a high powered committee to study about the NPA,” said Thomas, addressing media with other members of the PAC.
PAC has recommended that CAG be made accountable to legislature and that the “outdated” Act governing it be replaced. It also suggested creation of a stringent monitoring mechanism to enforce recommendations.
