Under Modi govt. Rs. 4 lakh crore recovered through insolvency, bankruptcy proceedings

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Due to the Narendra Modi government’s efforts to bring down non-performing assets (NPAs) in banks and financial institutions, Rs 4 lakh crore has been recovered through insolvency and bankruptcy proceedings since 2014 which is a “major achievement,” Union minister Shri Anurag Thakur said on 07 February, 2020.

Addressing the 70th annual function of the Institute of Chartered Accountants of India (ICAI), he said when PM Shri Modi assumed office in 2014 in his first term, NPA stood Rs 52 lakh crore.

Due to the strong action taken by the financial institutions by initiating legal proceedings and following due process on the orders of the Central government, NPAs were brought down to Rs 18 lakh crore. The legal proceedings further continued wherein Rs 4 lakh crore was recovered, he said.

“It is our collective responsibility to help in further boosting the country’s economy,” Shri Thakur said.