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Live Blog: Finance Minister Nirmala Sitharaman addresses media

Sep 16, 2021, 05:56 pm
Live Blog: Finance Minister Nirmala Sitharaman addresses media
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Sep 16, 2021, 05:56 pm

NPA worth Rs. 2 lakh crore will be sent to NARCL

Non-performing assets worth Rs. 2 lakh crore will be sent to the NARCL. Rs. 90,000 crore will be transferred in the first phase.

Sep 16, 2021, 05:45 pm

Stake of PSBs

Public sector banks to hold 51% stake in NARCL, 49% in Debt Management Company: Finance Minister.

Sep 16, 2021, 05:38 pm

Guarantees will be valid for up to five years

Government guarantees will be valid for up to five years. This will ensure a timely resolution of assets: Finance Minister

Sep 16, 2021, 05:32 pm

Addressed issues in the banking sector

We have addressed issues in the banking sector that were there in 2015: Finance Minister.

Sep 16, 2021, 05:29 pm

India Debt Resolution company

Besides NARCL, the India Debt Resolution company will also be set up: Finance Minister.

Sep 16, 2021, 05:28 pm

PSBs are not waiting for government

Public sector banks are not waiting for the government for capital but they are raising funds through equity and debt markets: Finance Minister.

Sep 16, 2021, 05:26 pm

Profit and lenders

In 2018 two out of 21 Public Sector Banks were profitable. In 2020-21, only two public sector lenders reported a loss for the full year: Finance Minister

Sep 16, 2021, 05:23 pm

Detection time for bad loans

The average lag time in the detection of large bad loans is of 57 months, Sitharaman said. The Finance Minister added that the RBI has taken various steps to reform the banking sector.

Sep 16, 2021, 05:21 pm

Rs. 99,000 crore recovered from written-off assets

Rs. 99,000 crore recovered from written-off assets such as Bhushan Steel, Essar Steel: Finance Minister

Sep 16, 2021, 05:19 pm

Over Rs. 5 lakh crore recovered by banks

In the last six financial years, banks have recovered over Rs. 5 lakh crore, the finance minister said. "Of this Rs 3.1 lakh crore have been recovered since March 2018. Recoveries include written off loans as well," she added.

Sep 16, 2021, 05:17 pm

Cabinet approves bad bank

The Union Cabinet has approved government backing for security receipts worth Rs. 30,600 crore to be issued by the NARCL or the bad bank.

Sep 16, 2021, 05:07 pm

Nirmala Sitharaman's address to media

Finance Minister Nirmala Sitharaman to address media soon.

Sep 16, 2021, 03:22 pm

Bad Bank may cost Rs. 6,000 crore

The Indian Banks' Association has estimated that Bad Bank will be set up at a cost of Rs. 6,000 crore. IBA has been given the responsibility of setting up the entity. The initial capital of Rs. 100 crore has been mobilized, as mandated by the regulator.

Sep 16, 2021, 02:19 pm

What Sitharaman had said in her Budget speech

“An Asset Reconstruction Company Limited and Asset Management Company would be set up to consolidate and take over the existing stressed debt. It will then manage and dispose of the assets to alternate investment funds and other potential investors for eventual value realization," Sitharaman had said in the Budget speech.

Sep 16, 2021, 01:32 pm

NARCL would buy bad loans

Reports suggest that NARCL would buy bad loans at 15 percent cash and the remaining 85 percent would be in security receipts guaranteed by the government.

Sep 16, 2021, 12:43 pm

2021-22 Union Budget

Sitharaman had first announced the setting up of a ‘bad bank’ in the 2021-22 Union Budget.

Sep 16, 2021, 12:04 pm

What is Bad Bank?

A Bad Bank is a bank set up to buy the bad loans and other illiquid holdings of another financial institution.

Sep 16, 2021, 11:18 am

Bad Bank proposal likely cleared

The Union Cabinet on Wednesday has likely cleared a proposal to provide government guarantee to security receipts issued by the National Asset Reconstruction Company (NARCL) as part of the resolution of bad loans, sources told news agency PTI.

Sep 16, 2021, 11:13 am

Nirmala Sitharaman to address media at 5 pm

Finance Minister Nirmala Sitharaman will address the media at 5 pm on Thursday. She is expected to talk about the announcements related to the bad bank proposal.

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