nirmala sitharaman: Writing off doesn’t imply utterly waiving cash due from NPAs: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Monday mentioned that writing off doesn’t imply “utterly waiving the quantity” and banks observe up on loans to recuperate the excellent dues.

“Writing off shouldn’t be utterly waiving the quantity. As part of the accounting course of, banks make a provision for the quantity, which is due from the NPA account and in that course of, we name it as writing off, however the provisioning is made and the pursuing of that exact defaulter or the NPA, which owes cash to the financial institution, is adopted up,” the Minister mentioned answering a question in Lok Sabha.

“That’s the reason I could not have the ability to say the precise quantity now, however a number of public sector banks have within the current previous — I’m saying over 10,000, however it’s far more than that — and I’m not supplying you with the precise figures, have gotten the cash again, which rightly belongs to them by claiming the belongings of these defaulters,” she added.

She focused the Congress-led UPA authorities over the NPAs (non-performing belongings) and mentioned the BJP-led authorities was pursuing such instances, motion is being taken on the promoters, and cash is being taken from the securities and belongings that they’ve and given again to the financial institution.

“This has occurred beneath Prime Minister Modi and by no means earlier than as regards NPAs. NPAs have been left by the dozen and tonnes in the course of the UPA rule. Cash was by no means obtained again from these defaulters to return to the banks. These are bitter truths,” she mentioned.

The minister mentioned that well being of public sector banks has improved beneath the Modi authorities.

“Cash has come again to the general public sector banks,” she mentioned.

The Home on Monday additionally handed Structure (Scheduled Tribes) Order (Modification) Invoice, 2022 for inclusion of Darlong group in checklist of Tripura.
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