5  On convergence in the euro area, see Cœuré, Benoît (2016), Rebalancing in the euro area: are we nearly there yet?, speech at the Danish Economic Society, Kolding, 15 January. 6  Alesina, Alberto and Tabellini, Guido (2007), “Bureaucrats or Politicians? Part I: A Single Policy Task”, American Economic Review, Vol. 97(1), pp.
The task for Indian banks clearly is to press on with efforts for sustainable reduction in operating costs through productivity improvement and skill enhancement and by leveraging of technology. Reduction in operating costs will also come through nurturing asset quality, diligent loan restructuring of viable assets and reducing nonperforming loans through recovery or upgradation.