Top bankers met on Monday to take stock of the progress made on resolution of non-performing assets (NPAs) and evaluate other large stressed accounts which require intervention, two persons aware of the matter said.

Representatives of State Bank of India (SBI), Bank of Baroda, and Union Bank of India, among other public sector banks, and their counterparts from the private sector, were present at the meeting held at the Indian Banks’ Association headquarters in Mumbai.

Since banks have six months to come up with a resolution plan for large accounts other than the 12 cases the Reserve Bank of India (RBI) wanted immediately referred to the National Company Law Tribunal (NCLT) for resolution, the discussion revolved around the need for better coordination among bankers, especially because borrowers are using delaying tactics, said one of the two people, both of whom spoke on condition of anonymity. He added no concrete action plan was drawn up on any specific account.

“This was the usual review meeting, where a host of issues including functioning of joint lenders’ forum, cases at NCLT, implication of recent circular of Securities and Exchange Board of India (Sebi), accounts which require intervention were discussed," said the first person, a senior banker with a state-owned bank.

On 4 August, Sebi directed that, starting 1 October, listed companies will need to disclose defaults on loan repayments within one working day to exchanges.

Indian banks are sitting on a stressed asset pile of close to Rs10 trillion; of this, gross non-performing assets account for Rs7.7 trillion and the rest are restructured loans.

In a 13 June directive, the RBI directed banks to start insolvency proceedings against 12 large borrowers, representing 25% of gross bad loans.

The 12 are Bhushan Steel Ltd, Bhushan Power & Steel Ltd, Essar Steel Ltd, Jaypee Infratech Ltd, Lanco Infratech Ltd, Monnet Ispat and Energy Ltd, Jyoti Structures Ltd, Electrosteel Steels Ltd, Amtek Auto Ltd, Era Infra Engineering Ltd, Alok Industries Ltd and ABG Shipyard Ltd.