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The decision of government to set a 15-day deadline for public sector banks (PSBs) to examine all Non-Performing Assets (NPAs) above Rs. 50 crores for possible fraud and to identify operational and technical gaps has been welcomed by the industry with FICCI saying that the move would help in ensuring the much-required cleansing of the banking system. The chamber also added that it would go a long way in ensuring a transparent and effective risk management mechanism in the functioning of the state-run banks. FICCI President Rashesh Shah said that PSBs should strengthen their risk management practices with an immediate sense of urgency, assisted by the government and RBI. He further added that alongside the action on the existing NPA accounts, an effective time-bound action plan for infusing transparency and a robust risk management system in these banks is a necessity.