1. SC directs central government committe to file report on NPAs in various banks

SC directs central government committe to file report on NPAs in various banks

The Supreme Court had today asked the central government committee to file a comprehensive report regarding NPAs in various banks.

By: | New Delhi | Published: November 18, 2016 4:20 PM
With the next hearing for the issue is set to be on December 3, the apex court had directed the committee to submit recovery process with in three weeks. (Reuters) With the next hearing for the issue is set to be on December 3, the apex court had directed the committee to submit recovery process with in three weeks. (Reuters)

Following accusations from oppositons, claiming that the main objective behind the implementation of the demonetisation policy by the Narendra Modi government is to bail out the non performing assets (NPA) of banks, the Supreme Court had today asked the central government committee to file a comprehensive report regarding NPAs in various banks. With the next hearing for the issue is set to be on December 3, the apex court had directed the committee to submit recovery process with in three weeks. however, the SC didn’t stress on disclosing any names but ordered for a probe to figure out the root cause of bad loans.

Earlier, representing the Conngress Party, senior leader Kapil Sibal, had alleged the center for making attempts to bail out NPAs of banks, owed by many industrialists. The senior Congress leader said, “Out of the roughly 16,000 crore rupees in the market, the government hopes to see 10,000 crores placed in the banks. The balance 6,000 would be generated by the RBI and placed at the disposal of the government and the real objective of that fund was to pay off the non performing assets of banks.”

While Sibal claimed that, through the demonetisation policy, the money of the common people of the country will be used by the government, in the interest of rich industrialists, Union Minister and senior BJP leader N Venkaiah Naidu criticized the opposition for attempts to politicise the anti-graft policy.

Citing the rise in the circulation of black-money in the country, Prime Minister Narendra Modi had, on November 8, initiated the demonetising policy, after which currency notes of the denomination Rs 500 and Rs 1,000 had been banned and replaced with new currency notes. Following the implementation of the note-ban policy, the government had been criticised by opposition parties and common people for the on-going public distress, resulted due to the lack of enough usable cash.

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