State Bank of India’s (SBI) Chairman Rajnish Kumar on Friday said that there is a need to “recognise the contribution” of public sector banks’ (PSBs) in India’s infrastructure development.

According to SBI Chairman, amongst the major causes for the accumulation of non-performing assets levels in the sector has been due to PSBs’ support for the development of country’s infrastructure projects.

Speaking at the News18 Rising India Summit, Kumar pointed out the other countries like Japan, China and US have also grappled with the same situation on account of banking sector’s support to the infrastructure development.

However, the SBI Chairman said that kind of “expertise and due diligence” which was required was lacking during the “euphoric years”.