Public sector banks get Rs 15,183 cr following ED action under PMLA: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman informed the Rajya Sabha that the Enforcement Directorate has confiscated assets worth Rs 15,186.64 crore under the prevention of money laundering law, with almost all of it being restituted to public sector banks. Legal actions are being taken against defaulters, resulting in the recovery of Rs 33,801 crore. Sitharaman explained that 'Phone Banking' referred to political interference during the UPA rule of 2004-2014, where calls were made to banks to grant loans without considering eligibility. The minister also highlighted the decline in NPAs and the improvement in the Indian economy under the Modi government's measures.

Public sector banks get Rs 15,183 cr following ED action under PMLA: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman informed the Rajya Sabha that the Enforcement Directorate has confiscated assets worth Rs 15,186.64 crore under the prevention of money laundering law, with almost all of it being restituted to public sector banks. Legal actions are being taken against defaulters, resulting in the recovery of Rs 33,801 crore. Sitharaman explained that 'Phone Banking' referred to political interference during the UPA rule of 2004-2014, where calls were made to banks to grant loans without considering eligibility. The minister also highlighted the decline in NPAs and the improvement in the Indian economy under the Modi government's measures.