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HomeBusinessFM Nirmala Sitharaman: Finance Minister Nirmala Sitharaman took a big decision regarding...

FM Nirmala Sitharaman: Finance Minister Nirmala Sitharaman took a big decision regarding banks, gave this information in Parliament

FM Nirmala Sitharaman: A variety of rules are made on behalf of banks RBI (Reserve Bank of India) and Finance Minister Nirmala Sitaraman ( Nirmala Sitharaman), So that the country’s banking system ( Banking System ) can improve and NPA declines. Meanwhile, Finance Minister Sitaraman has given great information in Parliament. Nirmala Sitaraman has said that banks have put in the account of ( NPA) Batte for stranded debt of Rs 10,09,511 crore during the last five finance years.

What was the decision taken?
The Finance Minister has stated in a written reply to the Rajya Sabha that the non-performing assets ( NPA) or the stranded debt has been removed from the bookkeeping of the concerned bank by putting them in the account. It also includes stranded debts, which have been fully provisioned for completion of four years in lieu.

RBI issues guidelines
Sitaraman has said that the bank should repair its own bookkeeping to bring the capital to the optimum level as per the guidelines of RBI and the policy approved by its board of directors, Regularly put NPAs in the account of obtaining tax benefits and optimum level of capital.

Reserve Bank gave information
According to information received from RBI, scheduled commercial banks ( SCB) have put an amount of Rs 10,09,511 crore into the Batte account during the last five finance years. He has clarified that the borrower does not benefit from putting the debt in the Battee account. They will remain liable for repayment and the process of recovery of the dues continues.

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Action to recover amount
Banks continue to take action to recover the amount put into the Batte account through various measures available. These measures include filing lawsuits in courts or loan recovery tribunals, filing cases under the Bankruptcy and Debt Laundering Disability Code, 2016 and sale of non-performing assets, etc.

How many crores of recovery?
He said that scheduled commercial banks have recovered a total of Rs 6,59,596 crore during the last five finance years. This includes recovery of Rs 1,32,036 crore of debt added to the Batte account.

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