Clarification of RBI on loan waiver of 68000 crores, write-off means recovery not stopped

Clarification of RBI on loan waiver of 68000 crores, write-off means recovery not stopped

RBI 68000 crores debt write off

RBI has denied to write off a loan of Rs 68000 crore. In a special conversation, the Reserve Bank spokesman gave this information. He said that the RBI neither gives loans to anyone nor does it work in writing off. An RBI spokesperson said on Tuesday that this work is done after provision for NPAs (stranded loans) by banks. Describing the ongoing news about this as unfounded, he said that the Reserve Bank neither lends nor authorizes any non-government and non-banking institutions.

RTI is being misinterpreted

It has been told by the Reserve Bank that the write-off is an accounting process done by a bank. Where the debt is put into a separate write-off, it does not mean that the recovery of the debt is stopped. As soon as the banks recover the debt, it is reflected in their profits. Former banking secretary Rajiv Takru also said in a conversation that the RTI of the Reserve Bank is being misinterpreted.

There are many cases of debt in the country whose recovery gets entangled in the cases and investigations of different departments. According to him, these things take a long time. In such a situation, by taking that loan in the bank accounts, it becomes a burden on the profits of the business, therefore, such debt is kept in separate accounts, it does not mean to forgive the debt. When the debt is repaid, then that amount is included in the profits of the bank.

Politics: Rahul Gandhi raised questions

Congress leader Rahul Gandhi has surrounded the central government over the claim of several big capitalists to write off the debt of more than 68 thousand crore rupees. He alleged that the government had tried to hide the truth by not answering the question in Parliament. The party has demanded an explanation from the government in this regard. Rahul Gandhi tweeted on Tuesday that he had asked a question in Parliament to mention the names of 50 big people of the country who did not knowingly pay back loans worth crores of rupees. But the finance minister did not answer his question. Rahul has also tweeted a copy of the Lok Sabha oral questions on 16 March. His question was at number five. (V.s.)

The claim was made in RTI

The debt of Rs 68,607 crore of the 50 largest defaulters who did not repay the money of the country's banks has been written off. It was claimed in an RTI. Accordingly, the RBI said that this relief was given to the capitalists till 30 September 2019. Fugitive diamond traders Mehul Choksi and Vijay Mallya are also named among these capitalists. The outstanding dues of Mehul Choksi's company Gitanjali Gems went to Rs 5,492 crore. REI is at number two with Rs 4,314 crore and Winsam Diamonds is at number three with Rs 4,076 crore. Rs 2,850 crore has been written to Rotomac Global Private Limited, Rs 2,326 crore to Kudos Chemie Limited, and Rs 2,012 crore to zoom developers. (Agency)

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