Will get back all money taken away from banks: Sitharaman

‘Centre is working in close coordination with J&K admin to ensure that every centrally sponsored scheme benefits every citizen of the UT’

JAMMU: Union Finance Minister Nirmala Sitharaman on Tuesday said all the money taken away from the banks will be taken back as the government is actively pursuing the cases of loan defaulters and will not let them go scot-free, particularly those who have fled the country.

She said the central government is working in close coordination with the J&K administration to ensure that not only the Prime Minister’s Development Package (PMDP) but every centrally sponsored scheme benefits every citizen of the Union territory. Sitharaman was addressing a function after launching new schemes and handing over orders to various beneficiaries under the financial inclusion and credit outreach programme here.

Sitharaman said that while the government is generously putting all its resources to make J&K work well in a transparent way, “any wrongdoing that has happened in the banks, any loans that have been taken away and not repaid till now, I am sure our system will work in such a way that the wrongdoers and the money...will be brought back.” The finance minister said that is what has been happening in the entire country.

“The non-performing assets (NPAs) of the banks had been a cause for worry when Prime Minister Narendra Modi came to power in 2014. In order to bring down the NPAs, a specific ‘4Rs’ strategy of recognition, resolution, recapitalisation and reforms showed immediate results,” she said.