Will Recover All Money Withdrawn From Banks As Government Actively Pursues Payment Defaults: Sitharaman
She said the central government was working in close coordination with the J&K administration to ensure that not only the Prime Minister’s Development Program (PMDP), but every program sponsored by the center benefits every citizen in the Union territory so to ensure that the region also catches up with growth with the rest of the country.
She was addressing a function after launching new programs and handing out orders to various grantees as part of the financial inclusion and credit awareness program here.
Sitharaman said that while the government generously devotes all of its resources to keeping J&K running smoothly and transparently, “any wrongdoing that has occurred in the banks, any loan that has been withdrawn and not repaid so far, I I’m sure our system will work in such a way that the criminals and the money … are brought back. ”
The Minister of Finance said that is happening across the country.
“The non-productive assets (NPA) of banks had been a source of concern when Prime Minister Narendra Modi came to power in 2014. In order to bring down the NPAs, a specific strategy of recognition“ 4Rs ”, resolution, recapitalization and reforms have yielded immediate results, ”she said.
Sitharaman reached Jammu on the second leg of his two-day tour from Kashmir and also inspected various stalls set up by various beneficiaries of government programs.
She said the government has sued the defaulters who took the loans out and let it become the NPA and failed to repay taxpayer money that is in the banks, whether they are in this country or who they left from India.
The government ensured that their properties were foreclosed and, through legal process, sold or auctioned and that the money was returned to the banks, she added.
“This will continue to happen, no matter where the postcode holders are and no matter where their accounts were. Every postcode must be actively pursued and this will also apply to J&K,” he said. she declared, adding “we will recover all the money taken away from the banks”.
The Union Minister of Finance congratulated Lieutenant Governor J&K Manoj Sinha, who was also present on the occasion, for the development of the Union’s territory in a “rapid, efficient and transparent” manner.
She assured the people of Jammu and Kashmir that the Center will work in close coordination with the local administration to ensure that not only the PMDP is implemented, but that every program launched is also introduced in the territory of the ‘Union and benefit every beneficiary who deserves to be served.
“After 2019 (J&K reorganization), we saw J&K UT grow rapidly. Long-awaited projects get under way and sections of society that never had the opportunity to receive government support get it.
“And real businesses that have no other way to get or access credit are also getting credit,” the finance minister said.
She said programs for the poorest sections that have benefited people across the country through a collective injection of credit through farmer organizations or self-help groups are now emerging at J&K. .
As a result, people may feel small, but they can also access some kind of help from the government and credit from banks, the minister added.
Seeking the cooperation of the people to help foreigners set up their units in Jammu and Kashmir, she said that many people want to come and build an industry here and take advantage of the government’s industrial package.
“I will invite more young people to come forward to start their businesses at J&K. Of course, with more activities on the ground, we could attract people from everywhere else to partner with you (the young people of J&K)” , she said.
Sitharaman added, “I would definitely point out this fact that when people associate with you, they are not going to displace you or remove you, but strengthen you.”
“You have your strengths, but you need more help from resources from banks and elsewhere. Today, banks alone cannot provide that kind of capital for the activities here, ”she said. J&K.
Referring to the various initiatives of the J&K administration, she said: “I think it is important for two-way participation – good programs and good government delivery and good participation of the people – and both are also required.
She said she will ensure more banking takes place at J&K and that credit helps people start their businesses.
“Regarding budget support. I had a lot of discussions with the lieutenant governor and I would like the chief secretary to meet with officials from the Ministry of Finance to work out any proposal for the next budget, which we will do. certainly, ”she said.
She also spoke about tax system reforms and said a new post of Senior Income Tax Commissioner is being created because “we are able to better serve the people of J&K”.