Speaking to The Financial Express, Choudhuri said: "The success of the restructuring exercise will depend on concerted efforts of all the agencies involved and the speed with which the proposals are implemented."

He added that the immediate priority of his bank was to take steps to ensure the turnaround of UBI and follow it up with measures which would strengthen the bank's fundamentals.

"We have to address issues step by step. Nothing can be achieved overnight as we will have to contend with several constraints within the existing legal framework and market compulsions," he said.

On the panel's criticism of the restructuring proposals of UBI and Uco Bank, Choudhuri said: "We cannot quarrel with the panel's views. It is more important to facilitate implementation of the proposals with the active support of all concerned."

The panel has, in its report, noted that the plans prepared by the weak banks at the instance of the working group were "no better than the earlier ones that had failed in that they continue to be based on ambitious projections of growth in business and income for which the banks are not equipped in terms of skill or technology."