New Delhi: A large amount of NPA is behind the poor health of the Sarakari banks. Banks have deteriorated due to the large number of NPAs. Union Minister of State for Finance Anurag Thakur has appealed to the public sector banks not to go directly to NCLT for NPA. He said that banks should make every effort to get rid of trapped debt. Go to NCLT only if there is no alternative. The Minister of State for Finance asked the banks to provide loans to the industry without scaring the investigating agencies.
No one will be bothered by an independent decision taken with good intentions. Banks should report any type of fraud on time. The Reserve Bank has cut the repo rate by 110 basis points in the last few months. But banks have not given its full benefit to the customers. Thakur said, "I request banks to take advantage of the reduction in repo rate to companies that increase consumption." The government has given Rs 70,000 crore to banks to overcome the cash crunch. The government has recently announced merger of ten state-run banks.
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