Union Railway and Finance Minister Piyush Goyal while speaking at the NewsX NPA Conclave on Tuesday congratulated NewsX for the initiative and said that it’s the concern of the government to resolve all the NPAs (Non-Performing Assets). Union Minister said that the problem in the past 30-35 years was not even recognised due to which the loan burden on the banks almost got tripled. Our efforts has been to force the banks to recognise the problem.
Speaking at the NewsX NPA Conclave, Piyush Goyal mentioned the demonetisation exercise and said that a lot of data has come out after the note ban exercise. He stressed on how the entire exercise helped in better understanding of the complete ecosystem. Information about which are those companies that did not provide their actual data that emerged post the demonetisation drive is underway he said.
Piyush Goyal said that the introduction of insolvency and bankruptcy code has helped in identifying and rectifying the problem. After the implementation of the GST, resolution has already started.
Our effort has been to change the mindset of the people. Speaking about the recovery of loans, Piyush Goyal said that it’s the responsibility of the banks to recover big value loans.
The government is extremely concerned about small businesses. Concluding his remarks, Piyush Goyal said political interference in the working of the banks will not tolerated. However, it’s the responsibility of the banks to check whether genuine capital is coming.