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