Finance Minister Arun Jaitley said that a number of big bad loans cases including Bhushan Power and Steel Ltd and Essar Steel India Ltd are expected that they may get resolved in the current financial year. Speaking about bad loans, Arun Jaitley mentioned that these cases were in the advanced stage of getting resolved, therefore, banks can get back up to Rs 70,000 crore rupees by the end of March, which is this financial year.
The Finance Minister added that banks may get Rs 70,000 since 12 large bad loan cases are likely to get resolved. He also mentioned that previously, banks had recovered around Rs 80,000 crore after close to 66 bad loans cases were resolved earlier. The government has been facing a lot of criticism on the way it dealt with bad loans in the past few years.
The opposition has been hitting out at the government over cases like financial defaulter Vijay Mallya, Nirav Modi and Mehul Choksi, after these businessmen failed to repay the amount of money taken in terms of loans from the banks. Though the government got a big breakthrough in the Vijay Mallya case, however, defaulters including Nirav Modi and Mehul Choksi are still on the run.