NEW DELHI: Finance minister Nirmala Sitharaman on Friday stated there was no leniency in recovering unhealthy loans, particularly from massive defaulters, and banks have rotated, reporting file revenue of over Rs 3 lakh crore final yr, from being a “cesspool of bad loans, vested interests, corruption and mismanagement” throughout UPA regime.
On the day she accomplished 5 years as FM, Sitharaman stated that between 2014 and 2023, banks recovered greater than Rs 10 lakh crore from unhealthy loans.“Directorate of Enforcement (ED) has investigated around 1,105 bank fraud cases, which resulted in the attachment of proceeds of crime amounting to Rs 64,920 crore. As of Dec 2023, assets amounting to Rs 15,183 crore have been restituted to the PSBs,” she stated.
“We will continue to take decisive measures to strengthen and stabilise our banking system, ensuring banks support India’s growth path to Viksit Bharat by 2047,” she stated in a social media publish, whereas vowing to additional step-up monetary inclusion.
“Our govt has ‘banked the unbanked’ and ‘funded the unfunded’, in line with the ethos of Antyodaya. We remain committed to further driving financial inclusion and empowering the underprivileged,” Sitharaman stated. Over the previous couple of weeks, in a sequence of social media posts, FM has centered on a number of features of the economic system, together with insolvency legislation and monetary administration.
“The ‘Samudra Manthan’ of sorts in the banking sector under PM Modi’s leadership yielded positive results along with expected challenges during the ‘churn’,” she stated in her newest publish. Sitharaman stated after taking workplace in 2014, govt took a sequence of steps to recognise the NPA issues, resolve them and recapitalise state-run lenders. “We’ve turned banks from being ‘NPA-laden nightmares’ into ‘Pillars of Jan Kalyan’. From having a ‘Twin Balance Sheet Problem’, we now have a ‘Twin Balance Sheet Advantage’,” she posted, whereas reeling out numbers.
On the day she accomplished 5 years as FM, Sitharaman stated that between 2014 and 2023, banks recovered greater than Rs 10 lakh crore from unhealthy loans.“Directorate of Enforcement (ED) has investigated around 1,105 bank fraud cases, which resulted in the attachment of proceeds of crime amounting to Rs 64,920 crore. As of Dec 2023, assets amounting to Rs 15,183 crore have been restituted to the PSBs,” she stated.
“We will continue to take decisive measures to strengthen and stabilise our banking system, ensuring banks support India’s growth path to Viksit Bharat by 2047,” she stated in a social media publish, whereas vowing to additional step-up monetary inclusion.
“Our govt has ‘banked the unbanked’ and ‘funded the unfunded’, in line with the ethos of Antyodaya. We remain committed to further driving financial inclusion and empowering the underprivileged,” Sitharaman stated. Over the previous couple of weeks, in a sequence of social media posts, FM has centered on a number of features of the economic system, together with insolvency legislation and monetary administration.
“The ‘Samudra Manthan’ of sorts in the banking sector under PM Modi’s leadership yielded positive results along with expected challenges during the ‘churn’,” she stated in her newest publish. Sitharaman stated after taking workplace in 2014, govt took a sequence of steps to recognise the NPA issues, resolve them and recapitalise state-run lenders. “We’ve turned banks from being ‘NPA-laden nightmares’ into ‘Pillars of Jan Kalyan’. From having a ‘Twin Balance Sheet Problem’, we now have a ‘Twin Balance Sheet Advantage’,” she posted, whereas reeling out numbers.
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