Managements evading hard decisions, bank consolidation depends on resolving NPAs: Rai Banks Board Bureau chief Vinod Rai said little progress has been made on resolving bad loans as managements are reluctant to take hard decisions on recasting debt despite concerns that the rising burden of non-performing assets (NPAs) is holding back the economy. “We are not making much progress and I don't think we have anybody else to blame but the banks themselves,“ Rai told ET, adding that the government and RBI had created a conducive environment for lenders to clean up their books. The veteran bureaucrat, who was roped in by the government to oversee a planned transformation of state-owned banks, added that he doesn't see any prospects for consolidation until bad loans are sorted out. Rai, whose mandate is likely to get broader, said he now sees signs of recovery in the economy . But banks need to push sluggish credit expansion to spark private investment, which has been lagging