Centre ready to clean up NPA mess of previous regime, says Piyush Goyal

03 July 2018, 09:52 PM
Centre ready to clean up NPA mess of previous regime, says Piyush Goyal (Photo Source: PTI)
Centre ready to clean up NPA mess of previous regime, says Piyush Goyal (Photo Source: PTI)

Days after annual data released by Switzerland’s central bank SNB (Swiss National Bank) showed significant rise in money parked by Indians, Interim Finance Minister Piyush Goyal on Tuesday said the NDA government will do their job honestly to redeem people's faith in the banking system.

"People of India have faith in the banking system, they have put their money into the banking system on faith that we will do our job honestly and we have to collectively redeem that faith. Have to ensure credit to deserving borrowers and ensure banks work in organised and honest manner," the news agency ANI quoted Goyal as saying.

The Union Minister was speaking on a host of issues at the 5th SBI Banking and Economics conclave in Mumbai and also accused the previous regime of leaving behind lots of stressed assets for the current government.

However, Goyal has assured necessary efforts to clean up the NPA mess of the previous government and called for collective and tough measures in order to reform the Indian banking sector.

Read | Will PM Modi accept 'failure' in bringing back black money, asks Mayawati

The finance minister has also stressed on the importance to support good borrowers and promote credit growth. His speech during the conclave also pressed on the matters like revival path of PSU banks, government's connections with the PSBs, failure of banking system on meeting high demands of customers, the state of the economy and the acceptance of the Sunil Mehta panel recommendation.

Read | Piyush Goyal assures strong action against illicit Swiss bank deposits by Indians

On Monday, the Finance Ministry accepted the Sunil Mehta panel recommendation to set up an asset management company (AMC), that will function like a bad bank to resolve smaller loan defaults of up to Rs 500 crore.

First Published: Tuesday, July 03, 2018 09:25 PM
For all the latest Business News Download the News Nation App available on Android and iOS.