RBI Governor Urjit Patel on Tuesday said the constitution of Monetary Policy Committee – MPC has enhanced the process and quality of policy making. Addressing his maiden press conference as RBI Governor, Mr. Patel said that MPC discussions held yesterday were frank, intense and friendly in nature. Mr. Patel was addressing the media after announcing the fourth bi-monthly policy review wherein all the six members of the MPC unanimously voted for a 25 basis point repo rate cut.Talking about non-performing assets, Mr. Patel said it is an important issue which requires to be handled with firmness and pragmatism. He said that it is a four step process that includes identification, reporting and recording of bad assets which will lead to the final step of resolution. The RBI Governor said that the central bank and the government are working hard to ensure that the banks come with clean balance sheets at the earliest and also that there is no lack of credit in the system.On monetary policy transmission, Mr. Patel said transmission in terms of bank lending has been less than desired while it has been swift and decisive on the money market front. He, however added that transmission of rates by means of new lending by banks has been good. On global market conditions, Mr. Patel said he expects that IMF will further downgrade global growth adding that he would be surprised if it doesn't. He said that weak global demand is most likely to bring down trade volumes.Meanwhile, RBI Deputy Governor S S Mundra said that the apex bank is working hard to reduce risks emanating from mis-savings and cyber crime. He said that a Special Cell has been formed to track large size frauds and bring them to a logical conclusion.