The Merchant Payments Alliance of India (MPAI), an association that represents merchants, has requested the Reserve Bank of India (RBI) to plug issues around recurring payments through tokens before giving effect to the no-card storage rule, three people familiar with the development told ET.

South Indian Bank was beset with bad loans after its loans to companies such as DHFL and IL&FS soured. Under Ramakrishnan who took charge about two years ago, the bank raised its provisioning and put in place processes that improved underwriting.

Launched in 2018, EASE programme sets a common reforms agenda for public-sector banks every year. EASE aims to foster new-age reforms in Public sector banks (PSBs) to improve profitability, asset quality, customer service and digital capabilities.

The meeting would review the performance of public sector banks (PSBs) and financial institutions to provide credit to people belonging to the SC community and other welfare measures under implementation, they said.

Several people were cheated in the last few years by cyber frauds because they have stored their card data on the merchants website for future payments.

SBI paid Rs 67.84 crore for the acquisition of 13.42 per cent stake in SBI Global Factors Ltd (SBIGFL), it said.

Also, there have been changes like larger reliance on corporate bonds and a structural shift in the economy towards the services sector, he said. A few years ago, banks were persuaded by policy makers to not to give so much loans to the industrial segment given the experience of lumpy sour loans, and rather focus on retail credit to serve the financial inclusion priority.

"Money has been recovered from fraudulent accounts that were almost given up. I want to say that no fraudulent account will be left without going to court. Fraudsters have no place in this country and they will not be allowed to take banks for a ride. We will pursure every rupee of and ensure it comes back to bank accounts," Sitharaman said.