Union Finance Minister Piyush Goyal presented the Interim Budget 2019 recently, highlighting several measures taken by the Centre for ensuring Clean Banking.
While presenting the budget the minister said that they have the most decisive, stable and clean Government and have undertaken transformational structural reforms.
He also said that the present government reversed the policy paralysis that hindered the growth of the nation and the governance has helped in restoring the country’s image.
During the budget, the minister talked about putting a check on the questionable practices associated with “phone banking”. He further spoke about the 4Rs of recognition, resolution, re-capitalisation and reforms followed by the government to ensure Clean Banking.
He also talked about instutionalisation of resolution-friendly mechanism in banking through the Insolvency and Bankruptcy Code and recovery of Non-Performing Assets (NPAs) with its assistance.
During the presentation, he highlighted the vital measures ensured by the Centre to check the menace of NPAs and the assistance provided to the Public Sector Banks (PSBs) as a part of recapitalisation.
He said that close to Rs 3 lakh crore had already been recovered in favour of banks and creditors.
The Centre invested Rs 2.6 lakh crore as a part of recapitalisation of public sector banks, said the minister. He termed amalgamation of banks, proposed and undertaken by the government as a great step taken in favour of the Indian economy.