Relief for loan defaulters? Piyush Goyal says bats for easy bad credit norms, NPA is not on every 90th day

The Republic India : While batting for ease of approval for the approval of non-executed assets (NPA), Finance Minister Piyush Goyal on Friday said that if a borrower does not get his dues from institutions like Discom, The borrower should not be led to automatically classify. Defaulter Goyal’s statement can be considered as great relief for those borrowers who are not able to repay their EMIs in 90 days. “The law can not be blind, in which it becomes an NPA (non-executed asset) arithmetically in 90 days. We will also discuss this and we hope to solve it soon. “Goyal talking to industry representatives in BSE after discussing the budget in Bombay,” said the businessman.

The finance minister also cited the case of a power producer in which a distribution company had owed money and said that because the discom has not paid, electricity producer becomes a defaulter. Goyal’s remarks came just a day after it was clarified by the Reserve Bank of India (RBI) that it was not in the controversial circular regarding identifying the bad assets released on February 12 last year.

Goyal said, “I think it is worth to be discussed with the Reserve Bank that if any payment is overdue and Discom is not paying its bill, then we have to think about NCLT and NPA.” However, some sections of the industry have recently moved to the Supreme Court (SC), when it comes to classification of NPAs.

While boycotting the industry to report any such example, Goyal said that the government can monitor the capital market and withdraw the proposal to disclose every default by listed companies of the Securities and Exchange Board of India (SEBI) and It is indicated that similar measures will be taken with the RBI. .

Speaking about the need for further specialized financial institutions such as IDBI, IFCI and ICICI, he said that asset-liability for banking system is the result of unmatched difficulties to support the infrastructure sector. He said that the Finance Ministry is trying to get the remaining eight banks out of the Prevention of Accelerated Corrective Action (PCA).

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