New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday said that all money stolen from banks will be returned as the government is strictly probing the cases of loan defaulters, whether in India or abroad.
She was speaking at an event after the inauguration of new programs and distribution of orders to various recipients as part of financial inclusion and credit outreach programme.
“Whatever wrongdoing has happened in the banks, any loan which has been taken and not repaid till now, I am sure that our system will work in such a way that more money will be brought back to the wrongdoers,” FM Sitharaman said during the event.
Non-performing assets (NPAs) of banks were a cause for concern when Prime Minister Narendra Modi came to power in 2014. A distinctive ‘4Rs’ strategy of Recognition, Resolution, Recapitalization and Recognition, to reduce NPAs. The reforms showed immediate results,” Sitaraman was quoted by PTI in his report.
Government chasing loan defaulters:
She said the government prosecuted defaulters who took loans and failed to repay taxpayers’ money in banks by allowing them to become non-performing assets (NPAs), whether they were in India or not.
He said the government gave a guarantee that their properties were attached and sold or auctioned through a valid process, and that money was returned to the banks.
“This will continue to happen, irrespective of where the NPA holders are and their accounts. Every NPA will be actively pursued and the same will be applicable to J&K as well,” she further said.
Central Government working closely with J&K Administration:
On the second leg of her two-day visit from Kashmir, Sitharaman reached Jammu and visited several stalls set up by various beneficiaries of the government initiative.
He 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 (PMDP) but also all centrally sponsored schemes benefit every citizen of the union territory, thereby making the region Allows catching up with the rest. country in terms of development
FM Sitharaman Appreciates J&K Governor Manoj Sinha
The Union Finance Minister praised Jammu and Kashmir Lieutenant Governor Manoj Sinha for developing the Union Territory in a “quick, efficient and transparent” manner.
He informed the people of J&K that the Center will work closely with the local government to ensure that not only is the PMDP implemented, but that every new scheme is brought to the Union Territory and that every eligible recipient gets the benefit. .
(with inputs from PTI)
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