Modi govt turned around banking sector, over Rs 10 lakh crore bad loans recovered in 10 years: Nirmala Sitharaman
Nirmala Sitharaman on Friday said the Modi government has turned around the banking sector through various reforms and improved governance which has led to banks recovering more than Rs 10 lakh crore from bad loans between 2014 and 2023. She said the Enforcement Directorate has investigated around 1,105 bank fraud cases, which resulted in the attachment of Rs 64,920 crore worth of proceeds of crime. As of December 2023, assets amounting to Rs 15,183 crore have been restituted to the Public Sector Banks (PSBs).
«Recently, India's banking sector achieved a significant milestone by recording its highest-ever net profit, crossing Rs 3 lakh crore. The banking sector turned around due to PM Shri @narendramodi's strong and decisive leadership. Our government atoned for the UPA's sins in the banking sector through comprehensive and long-term reforms,» Sitharaman said in a post on X.
She said there has been no leniency in recovering bad loans, especially from large defaulters, under the Modi government and the process is ongoing.
This is in stark contrast to the situation before 2014 when @INCIndia led UPA government turned the banking sector into a cesspool of bad loans, vested interests, corruption and mismanagement.
«It's a pity that opposition leaders are still unable to distinguish between write-offs and waivers. After the 'write-offs' as per RBI's guidelines, banks actively pursue the recovery of bad loans. And, there has been no 'waiver ' of loans for any industrialist. Between 2014 and 2023, banks recovered more
