'Wrongdoers And Money Will Be Bought Back': FM Nirmala Sitharaman

She was speaking at an event following the inauguration of new programmes and the distribution of orders to various recipients as part of the financial inclusion and credit outreach programme.

Union Finance Minister Nirmala Sitharaman. (File Photo)

New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday stated that all money stolen from banks will be returned since the government is vigorously investigating instances of loan defaulters, whether they are in India or abroad.

She was speaking at an event following the inauguration of new programmes and the distribution of orders to various recipients as part of the financial inclusion and credit outreach programme.

"Any wrongdoing that has happened in the banks, any loans which have been taken away and not repaid till now, I am sure our system will work in such a way that the wrongdoers and the money..will be brought back,” FM Sitharaman said during the event.

“The non-performing assets (NPAs) of the banks had been a cause for worry when Prime Minister Narendra Modi came to power in 2014. In order to bring down the NPAs, a specific ‘4Rs’ strategy of recognition, resolution, recapitalisation and reforms showed immediate results,” Sitharaman was quoted by PTI in its report.

Govt Pursuing Loan Defaulters:

She stated that the government prosecuted defaulters who took out loans and allowed them to become non-performing assets (NPAs) by failing to repay the taxpayers' money in the banks, whether they were in India or not.

She said that the government guaranteed that their properties were attached and sold or auctioned out through a legitimate procedure, and that money was returned to the banks.

“This shall continue to happen, irrespective of where the NPAs holders are and irrespective of where their accounts were. Every NPA shall be pursued actively and that shall apply to J&K as well,” she further said.

Central Govt Working Closely With J-K Administration:

On the second leg of her two-day journey from Kashmir, Sitharaman arrived in Jammu and viewed several stalls set up by various beneficiaries of government initiatives. 

She stated that the central government is working closely with the J&K administration to ensure that not only the Prime Minister's Development Package (PMDP) but all centrally sponsored schemes benefit every citizen of the Union territory, allowing the region to catch up with the rest of the country in terms of growth.

FM Sitharaman Lauded J-K Governor Manoj Sinha:

The Union finance minister praised Manoj Sinha, the Lieutenant Governor of Jammu and Kashmir, for developing the Union Territory in a "quick, efficient, and transparent" way.

She informed the people of Jammu and Kashmir that the Centre will work closely with the local government to ensure that not just the PMDP is implemented, but that every new plan is brought to the Union Territory and benefits every deserving recipient.

(With inputs from PTI)