The cleaning up of banks’ balance sheets remains the top priority for the Reserve Bank of India, its deputy governor Viral Acharya said on Saturday. Asked if the cleaning of banks’ books takes precedence over rate cut for the central bank, Acharya said: “That (addressing NPAs) is certainly our number one priority.” Gross NPAs of banks reached as high as `7.11 lakh crore as of April, with most concentrated in public-sector banks, according to Capitaline data. Last month, the RBI decided to refer 12 NPA accounts, which account for 25% of the bad loans in the banking system, for resolution under the Insolvency and Bankruptcy Code (IBC). Speaking at the Delhi Economics Conclave, Acharya said the note ban has changed the perspective of some sections of the society towards black money. “One observation I had about the recent Indian experiment has been that there is something interesting going on in terms of financialisation of savings….this (savings) seems to have had a pretty non-linear shift since November and December,” he said.