With regard to non-performing assets (NPAs), Sinha said it is an area that the government have been intensively analysing and very vigilant in that regard.

"NPAs are result of many factors. There is not one silver bullet that is going to deal with the NPAs that we have in the banking system. It will require us to take a multi-dimensional approach," he said.

On the issue of reviewing some of the provisions of gold monetisation scheme so that it becomes attractive, Sinha said the government is in continuous discussion with all stakeholders and trying to find out difficulties.

"We are trying to find out ways as to how people could be motivated to use gold as financial assets," he said.

On financial inclusion, he said the government has been able to solve an issue with the regard commission to be paid to the banks for cash out of government scheme.

"It has been concluded that there should be a fee that is paid for the cash out service. We have worked out all arrangements across the entire financial system by how people get paid when they cash out from the one of the direct benefit transfer payment," he said.

Besides, Sinha said that universal digital KYC (know your customer) is work in progress.

"Aadhaar is going to be the mechanism for that. We have to give Aadhaar certain standing. We are working on that as well. We have to strengthen Aadhaar from legal perspective... That's how we can get into universal digital KYC," he said.