Concerned over defaults by big borrowers, Finance Minister P. Chidambaram today said that the Government is monitoring the top 30 NPA accounts in each PSU bank and asked the lenders to set up separate verticals to recover the money from written-off accounts. Talking to reporters after meeting the heads of PSU banks, the Minister said he hoped that non-performing assets (NPAs) are a “function of economy” and would improve with the recovery in economic growth. “We are monitoring the top 30 NPA accounts in each bank, each zone. It is a matter of concern that it is the big borrowers (with loans of over Rs 1 crore) who are defaulting,” Chidambaram said.
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