At present, there is a two-member oversight committee comprising former CVC Pradeep Kumar and ex-vigilance commissioner Janaki Ballabh. Sources indicated that the set-up may be strengthened.Without giving details, finance minister Arun Jaitley said that the Cabinet had taken some important decisions in respect of the banking sector. "There is a convention that when some proposal is referred to the President, then details of it cannot be disclosed till it is approved. As soon as the approval comes, details will be shared," he told reporters.Banks had also petitioned Jaitley against some of the measures in RBI's NPA reduction plan as the, or S4A, does not allow for increasing the tenure of the loan or change in interest rates, inhibiting the ability of the lenders to rework loans. "It is difficult to restructure loans under these circumstances," said a banker.

Source: Times of India May 03, 2017 20:24 UTC