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Govt, RBI steps help improve NPA recovery: Minister tells Rajya Sabha
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  • Govt, RBI steps help improve NPA recovery: Minister tells Rajya Sabha

Govt, RBI steps help improve NPA recovery: Minister tells Rajya Sabha

FP Archives • December 20, 2014, 19:14:47 IST
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A series of steps taken by the Government and the Reserve Bank have helped improve recovery of bad loans by public sector banks (PSBs), Parliament was informed today.

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Govt, RBI steps help improve NPA recovery: Minister tells Rajya Sabha

New Delhi: A series of steps taken by the Government and the Reserve Bank have helped improve recovery of bad loans by public sector banks (PSBs), Parliament was informed today.

To improve the health of the financial sector, reduce the NPAs, improve asset quality of banks and prevent slippages, RBI has issued detailed instructions to address the issues of NPA management, Minister of State for Finance Namo Narain Meena said in a written reply to Rajya Sabha today.

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[caption id=“attachment_721737” align=“alignleft” width=“380”]Reuters The government advised PSBs to take a number of new initiatives to increase the pace of recovery. Reuters[/caption]

Besides, the government advised PSBs to take a number of new initiatives to increase the pace of recovery, to conduct special drives for recovery of loss assets, to put in place early warning system, to replace system of post dated cheques with Electronic Clearance System and to constitute a Board level Committee for monitoring of recovery, he added. “The steps taken by the government and RBI have resulted in year-on-year improvement in recovery of NPAs (non-performing assets) by PSBs,” the Minister said.

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The gross NPAs of public sector banks rose to 4.18 of advances by the end of December 2012, compared to 3.22 per cent a year ago. Net NPAs, which are arrived at after making provisions from the gross amount, increased to 2.12 per cent in December 2012. Meena said the Parliament has recently enacted The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 for removing certain bottlenecks in the recovery of bad debts. The Amendment Act is in force since January 15, 2013.

“As on March 31, 2012, there were 4,453 NPA accounts of above Rs one crore of nationalised banks amounting to Rs 40,951 crore,” Meena said. Finance Ministry has asked all PSBs to expedite the recovery process and bring down net NPAs to 1 percent of their total advances by the end of 2013-14 fiscal.

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