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FM Nirmala Sitharaman rejects opposition’s recession charges

Replying to a short duration discussion in the Rajya Sabha on the economic situation of the country, the Finance Minister said, several measures like recapitalization of banks, GST reforms and policy decisions have been taken to augment economy.

She added that 32 steps have been initiated for MSMEs, banks among others. She said, two lakh 50 thousand crore rupees have been allocated to the public sector banks to ease the liquidity in the market.

Finance Minister Nirmala Sitharaman said in Rajya Sabha that, the 2.5 lakh crore rupees have been distributed in loan outreach programme by the PSU Banks, dismissing notion of liquidity being a problem in economy.
 

She also added that Provisioning does not mean loans are being written off by banks. Banks’ NPAs started increasing once they started recognising bad loans.

 

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