Union Finance Minister Nirmala Sitarman speaks in the Rajya Sabha on 26 March 2025 during the budget session of Parliament in New Delhi. Photo Credit: Sansad tv through ANI | Photo Credit: Annie
The Rajya Sabha passed the Banking Regulation Bill on Wednesday (March 26, 2025) which amends several provisions of about five acts in the region. Union Finance Minister Nirmala Sitarman called the bill unique, in response that 19 sections of these acts would be affected by the amendments. Ms. Sitarman said that it was part of measures taken by the NDA government since 2014 to overcome the crisis in the country’s banking sector.
Ms. Sitarman said in a statement of the reasons for goods and bills that the new law will improve the standards of governance, provide continuity to the Reserve Bank of India by banks, will ensure better security for depositors and investors, improves the quality of audit in public sector banks, brings customer facilities regarding enrollment and provides increase in directors in cooperative banks.
“Gross non-performing property [NPAs] Ms. Sitarman said that the scheduled commercial banks were at a low-lying level of 2.5% in September 2024, “Ms. Sitarman said that public sector banks are committed to taking strict action to take strict action against the offection ceremonies in the last financial year.” Foreign countries said that the Enforcement Directorate was working to recover valid funds related to banks and people.
Loan exemption
On the demand for loan waiver, he said that the Narendra Modi government did not believe in cheating the farmers and the farmer Saman Nipi helped the farmers and alleged that the Congress’s loan exemption announcements did not help any farmer as they remained as declarations.
He said that 68 lakh street vendors were supported by the PM Sanvidi loan scheme. About 50 crore loans were sanctioned under the PM Mudra Yojana under the policy of funding unsafe and unfundling. The Finance Minister said that out of 6,01,328 villages in the country, 98% had a bank or a post office with banking facilities. He said that in 10 years, 3.9 lakh posts were filled in public sector banks.
Earlier, during the debate, opposition members criticized the Center’s approach to the Willful Defaulters. Senior Congress MP Santisinh Gohil alleged that the Center had written EL 87,000 crore by 50 willful defaulters by 2024. People, including Mehul Choksi and Rishi Aggarwal, are in the list of those people. He said.
Saket Gokhale of Trinmool Congress said that the country’s banks are being crushed under the burden of non-performing assets. He said, “In the last five years, Indian banks have a shocking ₹ 10 lakh crore in NPAS,” he said that banks were now asked to write these NPAs. He said, “These NPAs are removed from the balance sheet of banks, this does not mean that they are repaid. This means that they are dispatched to make the balance sheet healthy … but this money is still not being recovered,” he said.
Published – March 26, 2025 09:37 pm IST
