जनभावना टाइम्स ਇੰਡੀਆ ਡੇਲੀ ਪੰਜਾਬੀ इंडिया डेली लाइव

Indian Banks Thriving: Over Rs 15,000 crore reclaimed by PSBs post ED action, affirms Sitharaman

Indian PSBs: Sitharaman disclosed that by March 31 of the current year, banks had successfully recovered Rs 33,801 crore from wilful defaulters.

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Edited By: Prateek Gautam
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Indian PSBs: Amid global financial challenges, Finance Minister Nirmala Sitharaman reassured that Indian banks are robust and thriving. She highlighted a positive trend with declining Non-Performing Assets (NPAs) and rising profit margins.

In a parliamentary session, Sitharaman responded to questions, emphasising the resilience of Indian banks.

Recovery Efforts Bearing Fruit

Sitharaman disclosed that by March 31 of the current year, banks had successfully recovered Rs 33,801 crore from wilful defaulters. Notably, Enforcement Directorate (ED) actions under the Prevention of Money Laundering Act (PMLA) contributed significantly, restituting over Rs 15,000 crore to Public Sector Banks (PSBs).

"In our country, not only the Non-Performing Assets (NPAs) are coming down but also the profit margins are going up," Sitharaman affirmed, highlighting the commendable financial health of Indian banks.

Action Against Defaulters

In response to a query from Congress member Jairam Ramesh on wilful defaulters, Sitharaman assured that appropriate actions were being taken by relevant agencies. She provided key statistics:

  • Legal suits filed for recovery: 13,978 loan accounts
  • Initiation of SARFAESI Act: 11,483 cases
  • FIRs filed: 5,674 cases

Sitharaman underscored the comprehensive approach taken against defaulters, resulting in the recovery of Rs 33,801 crore.

Confiscation of Assets

The Finance Minister informed the parliament that assets amounting to Rs 692.89 crores were confiscated under the Fugitive Economic Offenders Act, 2018. Additionally, as of December 1, 2023, assets worth Rs 15,186.64 crores under the PMLA were confiscated by the ED, with Rs 15,183.77 crores restituted to PSBs. She commended the recovery efforts in the Punjab and Maharashtra Cooperative (PMC) Bank case, where Rs 104.02 crores were reclaimed with active cooperation from relevant agencies.

Sitharaman's remarks underline the resilience of Indian banks and the robust measures in place to address financial challenges and ensure the restitution of funds to PSBs.

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