The Reserve Bank board, including governor Urjit Patel, economic affairs secretary SC Garg and financial services secretary Rajiv Kumar met on Tuesday to discuss the issues plaguing the banking sector.

It is learnt that the 18-member board discussed the prompt corrective action (PCA) framework under which as many as 11 public sector banks are placed now.

The meeting is also understood to have discussed the liquidity crisis faced by non-banking finance companies following the crisis at project financier IL&FS group, which was taken over by the government on October 1 following a string of payment defaults.

With inputs from PTI.

First Published:Oct 24, 2018 10:44 PM IST