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Banks never got back money from defaulters under UPA govt: Nirmala Sitharaman

Nirmala Sitharaman also said in the Lok Sabha that actions have been taken, including registration of FIRs, against those who have cheated small savings depositors through various fraudulent activities.

March 28, 2022 / 02:32 PM IST
Finance Minister Nirmala Sitaraman.

Finance Minister Nirmala Sitaraman.

Union Finance Minister Nirmala Sitharaman on Monday attacked the previous UPA regime for its alleged failure to recover money from those who turned their loan accounts into non performing assets, and said under the Modi government, banks for the first time got back money from defaulters.
Sitharaman also said in the Lok Sabha that actions have been taken, including registration of FIRs, against those who have cheated small savings depositors through various fraudulent activities.

She said the Reserve Bank of India is also monitoring activities of App based financial companies.

Responding to questions by DMK’s T R Baalu about the government’s action against loan defaulters and NPAs, the minister said “writing off” loans does not mean “complete waive off” and the banks are following every loan to recover the outstanding amount.

“Over Rs 10,000 crore, I am saying ‘over’ as I don’t want to disclose the actual figure, have been recovered by PSU banks from loan defaulters after taking over their assets.