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TMI BlogTaking relentless action against bank loan defaulters, fugitives: SitharamanX X X X Extracts X X X X X X X X Extracts X X X X ..... Taking relentless action against bank loan defaulters, fugitives: Sitharaman X X X X Extracts X X X X X X X X Extracts X X X X ..... while replying to a discussion on the Banking Laws (Amend) Bill 2024, NPAs have reduced drastically and the government has remained "absolutely committed" to taking stringent recovery action against wilful defaulters. Opposition parties have been repeatedly raking up the issue of loan write-offs of large corporate borrowers and economic fugitives. To this, Sitharaman said write-offs do not mea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n waivers. Borrowers of written-off loans remain liable to repay their dues and banks continue to pursue recovery actions in written-off accounts using various mechanisms. She said that during the last five years, the Directorate of Enforcement has taken up around 912 cases related to bank fraud, including those pertaining to wilful default, and approximately Rs 44,204 crore of proceeds of crime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have been attached/seized/frozen in these cases. In eight cases, assets amounting to Rs 22,276 crore have been restituted to banks/legitimate claimants/victims of money-laundering. Also, 144 accused persons have been arrested, and 239 prosecution complaints, including 66 supplementary prosecution complaints, have been filed before Special Courts. Besides, 23 accused persons have been declared ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Proclaimed Offenders and 9 have been convicted under PMLA, Sitharaman said. The minister said action has been taken against economic offenders who fled the country. As on December 31, 2024, nine individuals have been declared as Fugitive Economic Offenders (FEOs), and assets worth Rs 749.83 crore have been confiscated. "So action is going on relentlessly. We have not let it lie low," she sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id. The minister further said the government's efforts have not been restricted to structural reforms alone. The government has deepened financial inclusion, took banking to the last citizen, and ensured a citizen-centric banking interface, she said. Over 55 crore Jan Dhan accounts have been opened, of which over 55 per cent have been by women, and over 66 per cent have been in rural/semiurb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an centre bank branches. She emphasised the Modi government has taken numerous steps to ensure that financial inclusion does not stop with merely with 'Banking the Unbanked' and instead enables meaningful engagement with financial services. To counter opposition's assertions that enough employment was not being generated, Sitharaman said the Modi government has created 3.94 lakh jobs in Public ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sector Banks (PSB) alone across different cadres and levels.
The Rajya Sabha later passed the Banking Laws (Amendment) Bill with voice vote. It had got the approval of the Lok Sabha in December 2024. PTI PRS NKD CS NKD SHW X X X X Extracts X X X X X X X X Extracts X X X X
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