1. You Are At:
  2. English News
  3. Business News
  4. Budget News
  5. Interim Budget 2019: Rs 3 lakh crore recovered from big corporate loan defaulters, says Piyush Goyal

Interim Budget 2019: Rs 3 lakh crore recovered from big corporate loan defaulters, says Piyush Goyal

Finance Minister Piyush Goyal said the Insolvency and Bankruptcy Code was helping in recovery of non-performing loans.

PTI PTI
New Delhi Published on: February 01, 2019 12:22 IST
Representative News Image

Interim Budget 2019: Rs 3 lakh crore recovered from big corporate loan defaulters, says Piyush Goyal

Finance Minister Piyush Goyal on Friday said Rs 3 lakh crore have been recovered from big corporate loan defaulters.

Presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal said, "We have stopped culture of phone banking".

He was referring to allegations of giving of "rampant loans over phone" during the UPA regime.

Goyal, stepped in as finance minister after Arun Jaitley had to fly to New York for medical treatment, further said Bank of India, Oriental Bank of Commerce and Bank of Maharashtra have been removed from the PCA (prompt corrective action) framework of the RBI.

"I hope other banks too would soon come out of PCA framework," he said.

The finance minister also said, "Our government had the guts to ask RBI to look at bad loans and present correct picture to nation".

He said the Insolvency and Bankruptcy Code was helping in recovery of non-performing loans.

"Even big businessmen are now worried about loans," Goyal said.

Election Results will be out on May 23 as counting of votes begins at 8 am. Catch the latest Lok Sabha Election Result 2019 log onto https://indiatvnews.com/elections. You can also watch Live Results on India TV Live. You can also follow India TV Chairman and Editor-in-Chief Rajat Sharma using #ResultsWithRajatSharma

India TV Election Day Counting
modi-on-india-tv