...... the Financial Services Secretary, Mr D.K.Mittal, later told reporters that the current gross NPA level of over 3 per cent for 2011-12 was a matter of concern, but there was no need to panic. “Indian banking system is much sounder than the European system,” he said. Mr Mittal highlighted that there was continued efforts to address the NPA issues in the Indian banking system. Asked whether the Government, in consultation with the RBI, was contemplating a special dispensation for asset recognition in the wake of the current difficult economic environment, he replied in the negative. “There is no need for separate dispensation. Banking system has to face the challenge,” he said..........
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