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Sunday, November 28, 2021

PM to economic offenders: Return to country

India has in the recent past stepped up efforts to extradite high-profile economic offenders such as Vijay Mallya and Nirav Modi, wanted in connection with bank frauds and money laundering cases.

By: ENS Economic Bureau | New Delhi |
Updated: November 19, 2021 1:32:28 am
Speaking at a symposium on credit flow and economic growth, PM Modi asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. (PTI/File)

Prime Minister Narendra Modi on Thursday said the government has used policies, the law and diplomatic channels to recover money owed to the banks, and is continuing efforts in this direction.

Over Rs 5 lakh crore have been recovered by banks (over last seven years), and the setting up of the National Asset Reconstruction Company (NARCL) would help resolve another Rs 2 lakh crore of stressed assets, he said, speaking at a symposium on credit flow and economic growth organised by the Finance Ministry.

“In our country, there is a lot of discussion when someone runs away with banks money, but there is no talk when a strong government brings them back)” he told an audience comprising top bankers, industrialists and government officials.

“In our attempt to recover money, we relied on policies and law and also used diplomatic channels. The message is very clear — return to your country. We are continuing these efforts.”

The government has, in recent times, stepped up efforts to extradite high-profile fugitive economic offenders (FEOs) like Vijay Mallya and Nirav Modi, wanted in connection with bank frauds and money laundering cases.

The country’s banking sector has strengthened a lot due to reform measures taken by the government over last 6-7 years, the PM said, adding that the Centre has, one by one, tried to resolve problems that persisted before 2014. NPAs have been reduced, banks capitalised and debt recovery tribunals (DRTs) strengthened, and banks’ resolution and recovery is becoming better due to these measures. Due to Rs 30,000 crore of government guarantee to NARCL, stressed assets of more than Rs
2 lakh crore are going to be resolved, the PM added.

The Prime Minister also asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest.4

 

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