Union Finance Minister Nirmala Sitharaman along with J&K Lt. Governor Manoj Sinha visit an exhibition stall
during outreach programme and launch of new schemes and projects, at Zoravar Singh Auditorium of Jammu University in Jammu on Tuesday. (PTI)
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, will not let them go scot-free, irrespective of whether they are in India or outside 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 to ensure that the region also catches up in the growth with the rest of the country. She 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 which 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. Sitharaman reached Jammu on the second leg of her two-day tour from Kashmir and also inspected various stalls put up by various beneficiaries of Government schemes. She said the Government pursued the defaulters who took away the loans and let it become the NPA and did not pay back the taxpayers’ money that is what is in the banks, whether they are in this country or gone away from India.