Banking facility in seven native languages has ensured extensive outreach, Thakur mentioned
Non-performing property of banks declined to Rs 5.70 lakh crore in December 2020 and the recovered quantity stood at Rs 2.74 lakh crore following a slew of measures taken by the federal government, Union Minister Anurag Singh Thakur advised Rajya Sabha on Tuesday. During Question Hour, the Minister of State for Finance additionally mentioned the Insolvency and Bankruptcy Code (IBC) has helped within the restoration of NPA (Non-Performing Assets). “There has been a reduction in gross NPAs. The NPAs – which stood at Rs 8.96 lakh crore in 2018 – have reduced to Rs 5.70 lakh crore in December 2020. Recovery of Rs 2.74 lakh crore was also made,” Thakur mentioned whereas replying to a supplementary query within the Upper House.
According to him, the incidence of frauds, which resulted in excessive NPAs, has additionally witnessed a pointy decline on account of steps taken by the federal government. The incidents of frauds decreased to 0.23 per cent from 1.01 per cent in 2013-14, the minister added. Further, Thakur mentioned IBC introduced by the federal government has resulted in main reforms and enhancing the debtor-creditor relation and higher restoration fee.
Under the current regime, banking has vastly improved, from cellphone banking to digital banking, which has resulted in transparency and accountability, he famous. In reply to a supplementary query, Thakur mentioned 7 out of 12 public sector banks have taken up on precedence efforts to introduce digital banking and added that it will end in competitors with the non-public sector banks and profit shoppers with higher merchandise. The minister praised initiatives just like the SBI Yono service.
UPI Bhim was being praised by huge corporations like Google and Facebook, he added. In reply to a different supplementary by Anil Desai (Shiv Sena) who wished to know whether or not the platform for offering and processing loans in 59-minutes has miserably failed, Thakur mentioned that the member got here from the financial capital of the nation which resulted in an uproar. Deputy Chairman Harivansh mentioned nothing will go on document besides the reply. Thakur mentioned banks have already sanctioned Rs 60,000 crore on the 59-minutes platform.
Further, the minister mentioned that what the federal government inherited in 2014 was a banking system in shambles however now there have been many reforms. Banking facility in seven native languages has ensured extensive outreach, Thakur mentioned, including “this will cater to smart lending to aspiring India – rural or urban”.Â
