Nirmala Sitharaman gave statement for those who will not pay the loans, details here- Watch Video

On behalf of the government, strict action is being taken on the bad loans of the banks. In this connection, strict instructions have been given to the banks by Finance Minister Nirmala Sitharaman. Sources said that in a meeting with the heads of public sector banks (PSBs), the Finance Minister asked to reduce bad loans and speed up the pace of development. He said that immediate action should be taken in cases of fraud and willful loan default.

Let us tell you that in the last six years till the financial year 2021-22, banks have waived off the stuck loans of 11.17 lakh crores from their books. NPA also includes such assets, which have been fully provisioned on completion of four years. These assets are removed from the balance sheet of the bank through write-off. In a recent meeting with bank chiefs, the Finance Minister had advised to work on cyber security risk.