Sunday, Jun 26, 2005
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Special Correspondent
MONITORING FOREIGN FUNDS FLOW: The Union Finance Minister, P. Chidambaram, being welcomed by the Home Secretary, V. K. Duggal, at the valedictory session of the two-day seminar on `Foreign Contribution Regulation Act' in New Delhi on Saturday. Mr. Chidambaram pitched for effective regulation of foreign funds.
NEW DELHI: The Union Finance Minister, P. Chidambaram, on Saturday said the Government would infuse fresh capital into the ailing Punjab & Sind Bank (PSB) and bring it back to health within three years. Confident of turning around the public sector bank within a three-year period, Mr Chidambaram said, "Just as we turned around five banks in 1997, we will turn around the Punjab & Sind Bank in three years.'' Mr Chidambaram was speaking to newspersons on the sidelines of the valedictory session of a two-day seminar on Foreign Contribution Regulation Act (FCRA) organised jointly by the Ministry of Home Affairs and the Institute of Chartered Accountants of India (ICAI). Focus on three parameters Asked about the size of the capital infusion required to rejuvenate the bank, Mr Chidambaram said it would largely depend on the targets set by the bank management. Essentially, the targets, he said, would have to focus on three basic parameters, namely, credit expansion, deposit mobilisation and reduction in the non-performing assets (NPAs) and noted that all the employees of the bank had agreed to work hard to achieve them. "I have asked the bank [PSB management] to set the targets and submit to me their plan," the Finance Minister said, while noting that PSB, now in its 98th year, would complete its 100 years of existence on June 24, 2008, by which time it would have turned around.Earlier, during his visit to the PSB headquarters here, Mr Chidambaram addressed the officers, staff and union members and exhorted them to make all-out efforts to make the bank a top financial institution for which it has the potential. "However, a concerted effort is required for this to happen," he said. Today's visit was a part of the Finance Minister's plan to go to the headquarters of all public sector banks and discuss the strategies worked out to improve their functioning. In particular, Mr Chidambaram had invited the managements of PSB and Dena Bank to discuss with him their strategy for reducing the NPAs. PSB had sought a Rs 600-crore bailout package as part of its action plan to improve its health and reduce its NPAs, which were at 9 per cent of its net advances.
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