November 30, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Will back calls taken in national interest: PM to bankers

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Will back calls taken in national interest: PM to bankers
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Will back calls taken in national interest: PM to bankers
Will back calls taken in national interest: PM to bankers

NEW DELHI: Weeks after the arrest of former SBI chairman Pratip Chaudhuri rattled the financial sector, Prime Minister Narendra Modi on Thursday vowed to stand like a rock behind decisions taken by bankers in the national interest.
“The ground is ready (to leapfrong). The most important thing that I have repeatedly said: I am with you, I am near you and I am for you on every step that is taken in national interest, with an honest intent. If there are mistakes when you take decisions that are honest, authentic and in the national interest, if you ever face difficulty, I am ready to stand like a wall. But we need to fulfil our responsibilities to take the country forward. Generations will not spare us if we waste the opportunity when there is such a strong foundation, a huge opportunity, with possibility that sky’s the limit,” he said at a meeting of state-run bank executives.
The statement comes amid concerns from top bankers following the arrest of Chaudhuri who had joined an asset reconstruction company (ARC) after his retirement from SBI. The ARC was trying to recover the dues from a loan given by SBI for a hotel project in Rajasthan. Chaudhuri is currently out on bail.
Several bankers have expressed reservations over sanctioning loans, fearing adverse action by probe agencies after several years. The government has repeatedly sought to comfort them, even as it has gone about recovering loans from several defaulters and sought action in cases such as Kingfisher and Bhushan Steel, among others.
Modi suggested that the efforts, including the enactment of the Insolvency & Bankruptcy Code, had helped banks recover Rs 5 lakh crore extended as loans to defaulters. “In our attempt to bring back fugitive (economic offenders), we relied on policies, law and also used diplomatic channels. The message is very clear — return to your country. We are continuing these efforts,” he said.
The PM said the government expected around Rs 2 lakh crore of stressed assets to be resolved in the coming years following the establishment of the National Asset Reconstruction Company, with government guarantee of Rs 30,000 crore.

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