Lot of money, time wasted by PSU banks in filing litigation: Finance Ministry

Zee Media Bureau

Finance Ministry on Monday expressed concerns on litigation stating that it is a cause of worry that PSU banks files litigation against each other.

The Finance Ministry noted that a lot of money and time is being wasted by PSU banks while doing so.

The initiative has been taken by ministry as a part of National litigation Policy.

Under this policy the small and petty matters and ongoing  litigation of the PSUs will be handled through mediation and resolve their outstanding issues amicably. Failing which they should direct their disputes to the ministry which will seek the law ministry's opinion if required

Soon after the Narendra Modi government came to power in May last year, it had identified reducing government litigations as one of its priorities in a bid to streamline the judicial system of the country.

The proposed policy, which seeks to replace the one brought by the previous UPA government, will bring in a mechanism to reduce government litigation and to make it an efficient and responsible litigant.