Finance Minister of India

Announcement of the Finance Minister of India, the government approved a guarantee of Rs 30600 crore for the bad bank

Finance Minister of India Nirmala Sitharaman announced that the security receipt issued by the bad bank to the banks will be a government guarantee.

Finance Minister of India

New Delhi. Finance Minister Of India Nirmala Sitharaman on Thursday announced the formation of the much-awaited Bad Bank. He said that the government will guarantee the security receipts issued to banks by the National Asset Reconstruction Company (NARCL) ie Bad Bank. This guarantee will be of Rs 30,600 crore. Let us tell you that in this year’s budget, the Finance Minister had announced about the establishment of Bad Bank.

Addressing the press conference, the Finance Minister Of India said that in the last six years, more than 5 lakh crore bad loans were recovered. More than 3 lakh crores have been recovered since March 2018. In 2018-19 alone, banks recovered loans worth Rs 1.2 lakh crore, which is a record in itself. During this period, the written-off loans of some companies were also recovered.

Announcement of formation of India Debt Resolution Company

The Finance Minister said that apart from the bad bank, India Debt Management Company has also been formed. Public sector banks will have 49 per cent stake in the debt management company. At the same time, public sector banks will have 51 per cent stake in NARCL.

Finance Minister of India Nirmala Sitharaman announced

 

In the year 2021, only two banks suffered losses.

Sitharaman said that the financial condition of banks has improved a lot due to the steps taken by the government. In the year 2018, out of 21 public sector banks, only two banks were profitable, but in the year 2021, only two banks made losses.

IBA tasked with setting up a ‘bad bank’

It is noteworthy that the Indian Banks’ Association ie IBA (Indian Banks’ Association) has been entrusted with the task of setting up a ‘Bad Bank’. The proposed bad bank or NARCL (National Asset Reconstruction Co. Ltd) will pay 15 per cent of the agreed value for the loan in cash and the remaining 85 per cent in government-guaranteed security receipts. Last month, the IBA had applied to the RBI for the purpose of obtaining a license to set up NARCL.

what is bad bank

Experts say that a bad bank is not a bank. Rather it is an Asset Reconstruction Company (ARC). Yes, bad loans of banks will be transferred to this company. With this, banks will be able to give loans to more people easily and this will accelerate the economic growth of the country.

Finance Minister of India targets Rahul Gandhi, asks – does he know what is monetization?

“If he is really against monetization, why didn’t Rahul Gandhi tear down the RFP for monetization of NDLS? If it is monetization, did they sell New Delhi Railway Station? Is it now owned by brother-in-law?

Mumbai. Union Finance Minister of India Nirmala Sitharaman on Wednesday launched a scathing attack on those criticizing the Rs 6 lakh crore monetization pipeline, asking whether Congress leader Rahul Gandhi had any knowledge of such initiatives. Talking to reporters in the financial capital, the finance minister said it was the Congress which got “bribes” for selling resources like land and mines.

He recalled that Congress-led governments raised Rs 8,000 crore by monetizing the Mumbai-Pune Expressway and in 2008 the UPA government had invited requests for leasing out the New Delhi railway station. Recalling Rahul Gandhi’s incident where he (Gandhi) tore the copy of the ordinance when he did not agree, Finance Minister of India Sitharaman asked why did Rahul Gandhi not tear the document on the proposal to lease out the railway station.

“If he is really against monetization, why didn’t Rahul Gandhi tear down the RFP for monetization of NDLS? If it is monetization, did they sell New Delhi Railway Station? Is it now owned by brother-in-law? Do they know what monetization is?

He also reminded the Congress of the Commonwealth Games. Finance Minister of India Sitharaman reiterated that the asset monetization plan does not involve selling off the assets, and the assets will be handed back to the government.

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2 thoughts on “Announcement of the Finance Minister of India, the government approved a guarantee of Rs 30600 crore for the bad bank”
  1. […] should be no cess and surcharge in such a tax structure, he added. Such a tax structure would be welcome among taxpayers. Garg said that this income tax structure […]

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