Jaitley asks PSU banks to take effective action against frauds, wilful defaults
Team Udayavani, Sep 25, 2018, 6:02 PM IST
New Delhi: Finance Minister Arun Jaitley Tuesday asked public sector banks to take “effective action” in cases of fraud and wilful loan defaults.
Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve sustainable growth of 8 per cent.
“FM, Shri @arunjaitley exhorted the banks to ensure all steps at their end to ensure clean lending & effective action in cases of fraud & wilful default, to justify the trust reposed in banks. Banks must strive to be seen always as institutions of clean & prudent lending,” the Finance Ministry said in a tweet.
The meeting is taking place in the backdrop of the ‘Alternative Mechanism’ (AM) deciding to merge three public sector banks — Bank of Baroda, Vijaya Bank and Dena Bank — with a view to create a global-size lender which would be stronger and sustainable.
Banks have stepped up efforts as far as recovery of bad loans is concerned.
Lenders have made recovery of Rs 36,551 crore in the first quarter of the current fiscal. This is 49 per cent higher than the same quarter of the last fiscal. During 2017-18, banks recovered Rs 74,562 crore.
As per another tweet of the ministry, Jaitley said that formalisation of the Indian economy coupled with inclusive growth through massive financial inclusion has unlocked purchasing power which would drive India’s growth.
“This should help India sustain a growth rate of around 8 per cent,” he was quoted as saying in a tweet.
Jaitley, who also holds the portolio of Corporate Affairs, said that formalisation of the economy through the Insolvency and Bankruptcy Code (IBC), GST, demonetisation and digital payments have enabled better assessment of financial capacity and risks.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Sebi takes measures to curb front running, insider trading in mutual funds
Markets wipe out early gains on fag-end sell-off; Nifty slips from record
Sebi asks NSE to asses Linde India’s related party transactions
Nifty hits all-time high; Sensex nears lifetime peak
Indian markets trade firm on global rally, fresh foreign fund inflows
MUST WATCH
Latest Additions
‘Shehzada’ dig: 3 generations of Nehru-Gandhi family sacrificed themselves for country, says Sharad Pawar
Rinku Singh a casualty of IPL’s ‘Impact Player’ rule: Report quotes BCCI source on T20 World Cup
Delhi cops question Youth Cong leader in MP’s Chhatarpur over fake video of Shah
Kumaraswamy and Shivakumar spar over sex scandal involving Hassan MP
Poor people have more children, why only Muslims are being targeted: Kharge asks PM