INSUBCONTINENT EXCLUSIVE:
Arun Jaitley exuded confidence that India would achieve sustainable growth of 8%.NEW DELHI: Finance Minister Arun Jaitley Tuesday asked
public sector banks to take "effective action" in cases of fraud and wilful loan defaults
Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve
sustainable growth of 8 per cent
"FM, Shri @arunjaitley exhorted the banks to ensure all steps at their end to ensure clean lending effective action in cases of fraud
wilful default, to justify the trust reposed in banks
Banks must strive to be seen always as institutions of clean prudent lending," the Finance Ministry said in a tweet.The meeting is taking
place in the backdrop of the 'Alternative Mechanism' (AM) deciding to merge three public sector banks -- Bank of Baroda, Vijaya Bank and
Dena Bank -- with a view to create a global-size lender which would be stronger and sustainable.Banks have stepped up efforts as far as
recovery of bad loans is concerned
Lenders have made recovery of Rs 36,551 crore in the first quarter of the current fiscal
This is 49 per cent higher than the same quarter of last fiscal
During 2017-18, banks recovered Rs 74,562 crore.As per another tweet of the ministry, Jaitley said that formalisation of the Indian economy
coupled with inclusive growth through massive financial inclusion has unlocked purchasing power which would drive India's growth
"This should help India sustain a growth rate of around 8 per cent," he was quoted as saying in the tweet
Jaitley, who also holds the portolio of Corporate Affairs, said that formalisation of the economy through the Insolvency and Bankruptcy Code
this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
