Increasing NPAs, bad loans affect economy of India

Non performing assets of banks and bad loans can impact the economy of India. resident Ram Nath Kovind last night promulgated Fugitive Economic Offenders Ordinance that will allow the government to confiscate properties and assets of loan defaulters who flee the country. The Union Cabinet on Saturday approved a proposal to promulgate Fugitive Economic Offenders Ordinance which will allow the government to confiscate the assets and confiscate of all the loan defaulters who try to flee the country. Market researchers have suggested that big loan defaulters like Nirav Modi and Mehul Choksi have led to the increase in NPA of several banks.