Arun Jaitley:Banks need to ensure no defaulter gets away

Apr 21 2016 12:52 PM
Arun Jaitley:Banks need to ensure no defaulter gets away

Finance Minister Arun Jaitley today regarding Vijay Mallya’s debt said, “ it was responsibility of banks to ensure no defaulter manages to get away.” Before government suspended Mallya’s passport, than on Monday at special court in Mumbai,judge order to arrest him. Jaitley aforesaid, "You have investigative agencies looking into criminal law matters (and) you have banks looking into settlement matters.

I think both are extremely competent institutions who can act strictly within the parameters of law," As banks moved to recover Rs 9,000 crore that his collapsed Kingfisher Airlines owed them, Mallya left India presumably for London. "As far as the banks are concerned, it’s their responsibility based on commercial considerations to make sure that no defaulter manages to get away," Jaitley said."Merely by escaping the geographical boundaries of India you don't run away from the liabilities that you owe to the public system.

" he said The Supreme Court has asked liquor legend Vijay Mallya to announce all his assets by April 21 after a group of lenders turned down his proposal to repay as much as USD 900 million. Banks demand entire amount due, involving interest to be paid back. Finance Minister added, "They (investigating agencies and banks) are sending a very strong signal that public debts owed to commercial banks, you can’t just run away from liability if you have responsibility to pay and banks will ensure that banks are reimbursed,"

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