Will get back all money taken away from banks: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said all the money taken away from the banks will be taken back as the government is actively pursuing the cases of loan defaulters irrespective of whether they are in India or outside the countryShe said the central government is working in close coordination with the JampK administration to ensure that not only the Prime Ministers 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 countryShe 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 JampK 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 moneywill be brought backThe finance minister said that is what has been happening in the entire country The nonperforming 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 saidSitharaman reached Jammu on the second leg of her twoday 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 IndiaThe government ensured that their properties are attached and through a legal process sold or auctioned out and that money have been paid back to the banks she added This shall continue to happen irrespective of where the NPAs holders are and irrespective of where their accounts were Every NPA shall be pursued actively and that shall apply to JampK as well she said adding we shall get back all the money taken away from the banksThe Union finance minister lauded JampK Lieutenant Governor Manoj Sinha who was also present on the occasion for the development of the Union Territory in a speedy efficient and transparent manner She assured the people of Jammu and Kashmir that the Centre will work in close coordination with the local administration to ensure that not only the PMDP is implemented but every scheme that is launched is also brought to the Union Territory and benefits every beneficiary who deserved to be servedAfter 2019 reorganisation of JampK we have seen the UT of JampK go through a rapid progression The projects that have been waiting for a long time are getting implemented and sections of the society that have never had the opportunity of receiving any assistance from the government are getting it And genuine business that has no other way of getting or accessing credit is also being provided credit the finance minister saidShe said the schemes for the poorer sections that benefited the people across the country from a collective infusion of credit through farmer producer organisations or selfhelp groups are now seeing the light of the day in JampK As a result of this the people feel they may be small but they can also access some kind of help from the government and credit from the banks the minister addedSeeking the cooperation of the people in facilitating outsiders to set up their units in Jammu and Kashmir she said a lot of people want to come and set up industry here and take benefit from the industrial package of the government I will invite more youth to come forward to set up their businesses in JampK Of course with more activities on the ground we may attract people from everywhere else to partner with you youth of JampK she saidSitharaman added I would certainly underline this fact that when people partner with you they are not going to displace you or remove you but are strengthening you You have your strengths but you need more help from resources coming from banks and elsewhere Today banks alone cannot bring in that kind of equity for activities here she said growing activities on the ground would draw people that ultimately boost the economy of JampKReferring to the various initiatives of the JampK administration she said I think it is important for twoway participation iquest good schemes and good delivery from the government and good participation from the people and both are all equally required She said she will ensure more banking activities take place in JampK and credit help to the people in setting their businessesAlso Read Supreme Court asks Tripura govt to list out detailed security arrangement plan for pollsRegarding budgetary support I had a lot of discussion with the lieutenant governor and I shall like the chief secretary to meet officials in the finance ministry to work out any proposal for the next budget which we will definitely do she said She also talked about the reforms in the taxation regime and said a new post of principal commissioner for income tax is being created as we are able to serve the people of JampK betterThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever