Recently, Finance Minister Nirmala Sitharaman dismissed opposition claims that the government us waiving loans of the people who fled abroad after taking the loans from the banks worth crore of rupees. Where finance minister also assured that these people who fled abroad without paying bank loans won;t be spared by the government. Nirmala Sitharaman assured that action against such defaulters will continue and they will not be spared. Speaking in the rajya sabha during a discussion on the banking laws amendment bill, she stated that assets worth Rs.749.83 crore have already been seized in such cases. she also mentioned that the bill will amend five existing laws. after her response the upper house passed the bill by voice Vote.
Defaulters won’t be spared says Nirmala Sitharaman
The government took several key measures to improve the banking sector. where back in 2014 finance minister nirmala sitharaman stated that indian banks were under heavy pressure, and the country was considered one of the five weakest economies. she stated that the gross non-performing assets NPA of scheduled commercial banks has dropped to a record low of 2.5% by september 2024. where she also stated that the banks have significantly improved now, with public sector banks making a record profit of Rs.1.41 lakh crore in the last financial yar. she expressed confidence that banks would achieve even greater success in the current financial year. When asked abut the defaulters who fled abroad by taking the bank loans, Finance minister nirmala sitharama assured that these loans were not forgiven but written off. she emphasized that recovery efforts are ongoing. She also stated that the enforcement directorate ed had recovered assets worth Rs.22,280 crore form willful defaulters and returned them t legitimate claimants as per court orders.
Finance Ministers assured that public money has been recovered and returned to rightful owners. as of december 31, 2024, nine individuals had been declared fugitive economic offenders and assets worth rs.749.83 crore had been seized.
