Public debt refund: Tk 2 lakh crore in 18 months – Finance Minister Nirmala Sitharaman

Public sector banks have collected Tk 2.5 lakh crore in the last year and a half. As a result, the repayment amount has dropped from Rs 6.6 lakh crore to Rs 7. 27 lakh crore, Union Finance Minister Nirmala Sitharaman said.

As of September 2019, the repayment of public sector banks stood at .2.27 lakh crore. He said the loan is a result of various measures taken by the state and the bank. Because of this, 12 out of 18 public sector banks have reported profits in the first half of this year.

In his report on the banks issued by the Reserve Bank, he said that public sector banks are returning to profitability.

The bank’s acceleration of bankruptcy laws has helped improve the financial position of banks and non-bank financial institutions. The ratio of commercial banks to capital increased from 14.3 percent to 15.1 percent. Similarly, the allocation of public sector banks for warlock loans was .5.5.6%. Due to this, the weekly borrowing amount of banks has decreased significantly, he said.

Banks’ affected debt was affected by fraudulent activities such as non-payment of loans to banks. Currently, these issues have been identified and appropriate action has been taken. The Reserve Bank of India has taken sufficient liquidity. He also says there are enough funds available to fund the NFC’s real estate agency’s funding for sustainable projects.

He said that in the face of financial problems in financial management of Rs 1 crore or above, the Reserve Bank has the right to provide a solution to the NIPFC through IPC.

He said that if public sector banks were reluctant to nd credit to eligible companies, an inquiry would be ordered under that section which did not deal with the authorities properly.

The banking and financial services advisory firm has been able to recommend more than Rs 50 crore fraud cases to the Central Criminal Investigation Agency.

Banks have simplified lending due to multiple interest deductions. He said that it was monitoring it to make it available to all sectors. The minister said there would be a comprehensive reform in the public sector to promote the effectiveness of the banks internationally.

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