Union Finance Minister Nirmala Sitharaman said Indian banks remained healthy and resilient despite the global crisis.
Union Finance Minister Nirmala Sitharaman said in the Rajya Sabha on Tuesday that Indian banks remained healthy and resilient despite the global crisis, adding that the anti-money laundering agency’s action The country’s flagship has returned over ₹ 15,000 crore to public sector lenders.
The minister said the country’s bad debt volume is decreasing while bank profits are increasing, answering questions from the opposition during question period in the senate.
Rajya Sabha also discussed the current economic situation of the country after a short notice of discussion drafted by Trinamool Congress member Derek O’Brien was accepted by the House.
Sitharaman said banks have recovered ₹33,801 crore from willful defaulters as of March 31 this year. More than ₹15,000 crore has been returned to public sector banks through actions and recoveries by the Enforcement Directorate under the Prevention of Money Laundering Act, she added.
“Amid global turmoil and the sad state of the banking system, Indian banks remain healthy, strong and resilient. In our country, not only have non-performing assets (NPAs) decreased, but profit margins have also increased,” she said.
Replying to further questions on bad loans, Sitharaman said assets worth ₹692.89 crore were confiscated under the provisions of the Fugitive Economic Offenders Act, 2018.
The minister said opposition MPs who question the government’s handling of the NPA should first acknowledge the problem. “The heart of the problem occurred during the ten years of UPA rule, from 2004 to 2014, when calls (for banks) were made to lend to undeserving people. It is our responsibility to solve the problems of Indian banks through reforms,” she said.
Responding to a question from MP Jairam Ramesh, the Finance Minister said action is being taken against those who willfully default. “As of March 31, 2023, legal action has been taken to recover 13,978 loan accounts. Actions under the SARFAESI Act have been initiated in 11,483 cases. FIRs have been filed in 5,674 cases.
“A total amount of 33,801 crore has been recovered,” said Sitharaman. Concrete action through various legal provisions is being taken against defaulters and hence the money will go back to the banks.” amounting to ₹15,186.64 crore under PMLA was seized by the ED, of which ₹15,183.77 crore was returned to public sector banks.
Kicking off the discussion on the state of the economy, Trinamool’s O’Brien said: “What the economy looks like depends on the eyes with which you look at it. » O’Brien said that while the stock market is booming and the number of billionaires is increasing, India has the world’s largest number of poor people at 23 crore (230 million). “Even though food rations are free, cooking gas costs 1,000 yen,” he said.
BJP’s Sudhanshu Trivedi said India has become the world’s fastest growing economy thanks to Prime Minister Narendra Modi’s “systematic policies”.
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