PM: Govt not to interfere in working of state-owned banks

Pune: Prime Minister Narendra Modi on Saturday pledged not to interfere in the functioning of public sector banks, but wanted the lenders to be accountable failing which interventions in public interest could be made. At the concluding session of the two-day bankers’ meet ‘Gyan Sangam’ to chalk out banking reforms, Modi also called for ending “lazy banking” and said banks must prioritise lending to employment-generating sectors. While Finance Minister Arun Jaitley called for bold reforms, Reserve Bank Governor Raghuram Rajan emphasised on the need for cleaning up bad debts and possible Non-Performing Assets (NPAs) in the system within a year. (PTI)