'Project Sashakt': The new project to deal with non-performing assets (NPAs) of PSU banks

Highlights:

  • 'Project Sashakt', the new project comprising of a five-prong strategy to deal with non-performing assets (NPAs) of PSU banks.
  • It was unveiled by the acting Finance Minister Piyush Goyal on 2 July 2018.
  • Its primarily aims to strengthen the credit capacity, credit culture and credit portfolio of public sector banks. 
  • This project comprises of a five-prong strategy to deal with non-performing assets (NPAs).
  • The setup of 'Project Sashakt' was recommended by the high-level committee on restructuring stressed assets and creating more value for public sector banks (PSBs). 
  • This committee is headed by Sunil Mehta, Non-Executive Chairman of Punjab National Bank (PNB) and had submitted its report to the Finance Ministry on 1 July 2018.
  • The idea behind ‘Project Sashakt’ is to ensure the operational turnaround of the banks and stressed companies so that the asset value is retained.