All money taken away from banks will be taken back as government actively pursuing cases of loan defaulters: Sitharaman
Union Finance Minister Nirmala Sitharaman has said that all the money taken away from the banks will be taken back as the government is actively pursuing the cases of loan defaulters and will not let them go scot-free, particularly those who have fled the country. She said the central government is working in close coordination with the J&K administration to ensure that not only the Prime Minister's Development Package (PMDP) but every centrally sponsored scheme benefits every citizen of the Union territory.
The minister stated that the non-performing assets (NPAs) of the banks had been a cause for worry when Prime Minister Narendra Modi came to power in 2014. In order to bring down the NPAs, she said a specific '4Rs' strategy of recognition, resolution, recapitalisation and reforms showed immediate results. She noted that the government pursued the defaulters who took away the loans and let it become the NPA and did not pay back the taxpayers' money that is what is in the banks, whether they are in this country or have gone away from India.
Sitharaman further said the government ensured that their properties are attached, and through a legal process, sold or auctioned out and that money have been paid back to the banks. She said this shall continue to happen, irrespective of where the NPAs holders are and irrespective of where their accounts were. Every NPA shall be pursued actively and that shall apply to J&K as well.
