New Delhi, PTI. Be careful not to repay by taking a loan from the bank. Because the central government is preparing to tighten the noose on such defaulters. Union Finance Minister Nirmala Sitharaman has said that every penny will be recovered from those who willfully do not return loans to banks. He said that the government is taking forward the case against the defaulters, whether in India or outside the country.

Sitharaman is on a visit to Jammu and Kashmir. Sitharaman said that the central government is working closely with the Jammu and Kashmir administration to ensure that not only the Prime Minister’s Development Package but every centrally sponsored scheme benefits the beneficiaries of the union territory. Its aim is to ensure that the pace of growth in the sector is at par with other parts of the country.

investment in Kashmir

Sitharaman said that the government is generously channeling all its resources to speed up various works in Jammu and Kashmir in a transparent manner. He said that if there is some irregularity in the banks and the loans taken are not paid till now, I am sure that our system will bring back the money along with the defaulters. The Finance Minister said that this is happening all over the country and the willful defaulters are being dealt with strictly.

work on npa

He said that when Prime Minister Narendra Modi’s government came to power in 2014, non-performing assets (NPAs) of banks were a matter of concern. Four ‘R’ strategies were worked out to bring down NPAs. Under this, initiatives were taken to identify such bad loans, resolve them, infuse capital in banks and take forward the reforms. It also brought positive results.

will be strict

He said that the government is taking forward the case strictly against those who deliberately did not repay the loans taken from the banks. Whether those defaulters are in India or outside the country, the case against them is being pursued. Sitharaman said that the government is ensuring that every penny is recovered from the unrefunded loans of banks. For this, the property of such defaulters has been attached and it has been sold or auctioned under the legal process. The money that came out of this was given to the banks.

Edited By: Ashish Deep