From ‘Loan Banking’ To ‘Clean Banking’ Says Piyush Goyal; Rs 3 Lakh Crore Recovered Via IBC

Addressing Members of Parliament in the Lok Sabha during his budget speech, interim Finance Minister Piyush Goyal spoke of the multitude of measures taken by the current NDA government to ensure clean banking in the country and tackle the pre-existing Non-Performing Assets (NPA) crisis.

Goyal detailed how Rs 3 lakh crore has already been recovered in favour of Banks and creditors, with even big defaulters not being spared; he said the current government had ensured a resolution friendly-mechanism to recover non-performing loans.

The finance minister also spoke of recapitalisation of banks to the tune of Rs 2.6 lakh crore. He expressed confidence that with the pace of reforms banks currently under strain would also recover.

The NDA-led government took several measures, most significant of them the Insolvency and Bankruptcy Code, which wad recently hailed by a Supreme Court bench as sending a clear message that India is no longer “the defaulter’s paradise”.