India needs to conceive several reforms in the banking sector, Finance Minister Arun Jaitley said here.

“There is a need to get the best talent into the system. There is a need for far greater autonomy being given to them (public sector banks),” Jaitley told reporters on the sidelines of the two-day banking retreat.

Top bankers of India have gathered here to discuss long-pending reforms in the banking sector, which will help improve the health of public sector banks.

Jaitley also termed “unacceptable” the level of bad assets in the banking system and promised more autonomy for public sector banks to run business with a “commercial mindset”.

“There are unacceptable levels of NPAs (non-performing assets) in some cases and the banks have to be given a sufficient amount of leeway to deal with commercial issues with a commercial mindset,” he said.