PublicsectorbanksmakingconcertedeffortsinrecoveringNPAs,saysJaitley
A loan write-off does not constitute a loan waiver, Finance Minister Arun Jaitley said on Monday in a blog post, saying that the recovery of loans continued in the case of write-offs.
“An article has been reported in news media regarding write-off of loans by public sector banks (PSBs),” Mr. Jaitley wrote.
“Technical write-offs are resorted [to] by banks as per Reserve Bank of India (RBI) guidelines. However, this does not lead to any loan waiver. Recovery of loans continues rigorously by banks. In fact, the defaulting management of most Insolvent companies has been removed under the IBC.”
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