Banks never get money back from defaulters under UPA government: Sitharaman
New Delhi: Union Finance Minister Nirmala Sitharaman on Monday lashed out at the former UPA government for allegedly failing to recover money from those who turned their debt accounts into non-performing assets, saying Modi Under the government, for the first time, banks got their money back. Defaulters
Sitharaman also said in the Lok Sabha that actions have been taken, including registration of FIRs, against those who have defrauded small savings collectors through various fraudulent activities.
He said that the Reserve Bank of India is also monitoring the activities of financial companies based on the app.
Responding to questions from DMK KTR Baloo about the government’s action against defaulters and NPAs, the minister said that forgiving loans does not mean complete forgiveness and the bank has to recover the outstanding amount. Following every loan.
“More than Rs 10,000 crore, I am saying ‘over’ because I do not want to disclose the actual figures, PSU banks have taken loans from defaulters after seizing their assets. For the first time in the country, Banks got money back from many NPAs, while during the UPA government, no money was recovered from NPAs, ”he said.
Sitharaman’s remarks invited strong reaction and protest from Congress leader Adhir Ranjan Chaudhary in the Lok Sabha.
The finance minister said the opposition party should listen to the bitter truth and alleged that the loans were given for political interests during the previous UPA government.