FM says Will get back all money taken away from banks as pursuing cases of loan defaulters. Government will collect every penny from those who do not intentionally repay the loan, is taking strict steps against the defaulters

Photo: PTI

FM says Will get back all money taken away from banks as pursuing cases of loan defaulters

Highlights

  • The Finance Minister said that those who deliberately do not repay the loan are being dealt with strictly.
  • When Prime Minister Narendra Modi’s government came to power in 2014, non-performing assets of banks were a matter of concern.
  • Four R strategy worked out to reduce NPAs

New Delhi. Union Finance Minister Nirmala Sitharaman said on Tuesday that every penny will be recovered from the willful defaulters of banks. He said that the government is taking forward the case against the defaulters, whether in India or outside the country. Sitharaman said that the central government is working closely with the Jammu and Kashmir administration to ensure that not only the Prime Minister’s Development Package but every centrally sponsored scheme benefits the beneficiaries of the union territory. Its objective is to ensure that the pace of growth in the sector is at par with other parts of the country. He said this while addressing a program after the launch of new schemes.

On this occasion, he handed over the orders related to the benefits to the beneficiaries under the program of financial inclusion and access to credit. Sitharaman said that the government is generously channeling all its resources to speed up various works in Jammu and Kashmir in a transparent manner. He said that if there is some irregularity in the banks and the loans taken are not paid till now, I am sure that our system will bring back the amount along with the defaulters. The Finance Minister said that this is happening all over the country and the willful defaulters are being dealt with strictly.

He said, when Prime Minister Narendra Modi’s government came to power in 2014, non-performing assets (NPAs) of banks were a matter of concern. Four ‘R’ strategies were worked out to bring down NPAs. Under this, initiatives were taken to identify such bad loans, resolve them, infuse capital in banks and take forward the reforms. It also brought positive results. Sitharaman has come to Jammu and Kashmir on a two-day visit. She came here from Kashmir and interacted with various beneficiaries of government schemes. He said that the government is taking forward the case strictly against those who deliberately did not repay the loans taken from the banks. Whether those defaulters are in India or outside the country, the case against them is being pursued.

Sitharaman said that the government is ensuring that every penny is recovered from the unrefunded loans of banks. For this, the property of such defaulters has been attached and sold or auctioned under the legal process. The money that came out of this was given to the banks. The Union Finance Minister also appreciated the Lieutenant Governor of the Union Territory, Manoj Sinha, who was present on the occasion, for the rapid, efficient and transparent development of Jammu and Kashmir.

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