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There is a need to rethink strategies for public sector banks, not limited to just mergers and acquisitions, a senior finance ministry official said today.
Financial Services Secretary Hasmukh Adhia said that it was essential to implement banking reforms to supplement economic growth.
Speaking to reporters at a pre-event briefing on two-day financial sector retreat 'Gyan Sangam' here, Adhia also said that asset quality was a problem for many PSU banks. Low credit offtake was also an area of concern, he added.
'Gyan Sangm' is scheduled to start later this afternoon and would be addressed by Prime Minister Narendra Modi tomorrow. Others expected at the event include Finance Minister Arun Jaitley and RBI Governor Raghuram Rajan, along with a host of PSU bank chiefs and top executives of insurance companies.
Among other issues, Prime Minister's Jan Dhan Yojana would be discussed at the event and Adhia said that 10.3 crore accounts have been opened so far under this programme.
