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National News

Mar 16, 2020

FM informs Lok Sabha number of steps taken by Govt to recover defaulted loan recoveries have shown results

File Pic: PTI
Finance Minister Nirmala Sitharaman today informed the Lok Sabha that a number of steps have been taken by the Government to recover defaulted loan recoveries have shown results and have shown a decline in the NPA of the Scheduled Commercial banks.

In a written reply to a question raised by the Congress member Rahul Gandhi, she said that these measures had led to lot of reforms, change in credit culture with the induction of Insolvency and Bankruptcy Code and debarring willful defaulters from the resolution process and debarring them from raising funds from the market.

The Minister said that RBI has launched Central Fraud Registry (CFR), a web-based searchable database of frauds reported by the banks, in January 2016.

CFR contains data for the last 13 years and is shared with the reporting entities and intended to serve as a tool for timely identification, control and mitigation of fraud risk and as also for carrying out due diligence during the credit sanction process.

Apart from CFR, RBI has issued several caution advices detailing the names of fraudsters and their modus operandi.

Ms Sitharaman also informed the house that the NPAs of scheduled commercial banks have shown a decline and SCBs have effected recovery of 5,12,687 crore rupees over the last four financial years and the third quarter of the current financial year, including record recovery of  1,56,692 crore rupees during the financial year 2018-19.

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