Banks ready for Basel II reforms: Bansal

Jaipur, Dec 26: Union Minister of State for Finance Pawan Kumar Bansal said Indian banks are in the process of consolidation and the banking sector is ready to meet the global standards.

Mr Bansal who was here to attend a consultative committee meeting of his ministry, told UNI that banking is an important sector in the economic reform process and is evolving to meet international standards.

The Indian banking sector is ready for embarking oan the Basel II reforms, he said.

He said the banks recorded a record credit growth of 32 per cent in the last three years while the non performing assets (NPAs) has shown a drastic reduction during this period.

Mr Bansal said, ''the public sector banks have been increasingly adopting corporate goverance to infuse greater efficiency and accountability and the government is committed to provide autonomy to banks to create a competitive enviornment''.

UNI