What: Sunil Mehta committee
Why: On the formation of an Asset Reconstruction Company
Who: Finance Minister
- Union Finance Minister (Acting) Piyush Goyal has announced setting up of a committee under the chairmanship of Sunil Mehta to to give recommendations in two weeks on the formation of an Asset Reconstruction Company for faster resolution of stressed accounts of public sector banks.
- Mr. Sunil Mehta is non-executive chairman of Public Sector Bank PNB.
- The committee will make recommendations in two weeks on setting up of an Asset Reconstruction Company or Asset Management Company for faster resolution of stressed accounts.
- As per the Minister , most of the stressed assets have been identified that could fit into the ARC or AMC structure. Also, banks will consider having oversight committees with external experts to help faster decision making and resolving stressed accounts in a transparent and speedy manner.