'Daring Govt Brings Them Back': PM Modi On Recovering Money From Runaway Bank Loan Defaulters

Targetting the opposition, PM Modi said that when someone runs away with bank loans, it is discussed a lot. But when a daring govt brings them back, nobody discusses it.

PM Modi at a symposium to ‘Build Synergy for Seamless Credit Flow & Economic Growth’ (Image: PTI)

New Delhi: Prime Minister Narendra Modi addressed a symposium to ‘Build Synergy for Seamless Credit Flow & Economic Growth’ on Thursday and spoke about the reforms made by the government in the banking sector.

PM Modi said, "Reforms brought in by Govt in the banking sector and support to the sector in every way in the last 6-7 years have led to the country's banking sector being in a very strong position today. Banks' financial health is in a much better position now."

Prime Minister Modi said that India is in a situation when the ground is solid for a leap and the target is set and what remains is to just begin. PM Modi said, "There comes a time in the development journey of any nation when it takes a new resolve for a new leap and then the strength of the entire nation comes together for the fulfillment of those resolves."

He further focused on the Covid period and said that during the pandemic, the centre took the initiative to constitute a dedicated Stress Asset Management Vertical and with the help of such decisions today banks' resolution and recovery is better, their condition is strengthening and inherent strength is being found within it.

Targetting the opposition, Modi further said, "when someone runs away with bank loans, it is discussed a lot. But when a daring govt brings them back, nobody discusses it. More than Rs 5 Lakh Crores have been recovered out of the lakhs and crores of rupees that were struck during the previous govts' regime."

Speaking about the steps taken by the NDA government after coming into power, Modi said, "We found roads to solution for all issues before 2014. We addressed NPAs issue, recapitalized banks, enhanced their strength, brought reforms like IBC, reformed laws, strengthened Debt Recovery Tribunal."