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Farmers Loan Waiver: Arun Jaitley said States should Provide Budget

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Posted on: 13 Jun, 2017 Tags   Farmers Debt Loan Arun Jaitley

IndiaNewsonWeb: 13 Jun, 2017, Union Finance Minister Arun Jaitley said on Monday (June 12th) the growing demand for farmers' debt waiver that for this, the states have to arrange funds with their resources. By saying this, the finance minister has dismissed any help by the Center in this context. When asked by the reporters that the central government will help the states for the debt waiver of farmers, Jaitley said, "I have already clarified my stand on this issue which states that want to move forward such schemes, they have to arrange funds for this from their resources. Apart from this, I have nothing to say on behalf of the Central Government."

 

The Finance Minister said this after discussing the big problem of the debt trap with the heads of the public sector banks in the morning. In view of the 10-day strike for farmers' debt waiver and other demands, Maharashtra on Sunday (June 11th) announced the waiver of small and marginal farmer’s debt. Similarly, Madhya Pradesh Chief Minister Shivraj Singh Chauhan has promised to look into the demand for apology for agricultural loans. Shortly after winning the massive victory in Uttar Pradesh this year by the Bharatiya Janata Party (BJP), the Chief Minister Yogi Adityanath's government waived loans of more than Rs 30,000 crore for farmers.

 

Finance Minister Arun Jaitley on Monday (June 12th) reviewed the banking sector business situation in a special meeting with the heads of government sector banks here and discussed the problem of recovery of debt recovery. The meeting also reviewed the government's financial inclusion plan. Jaitley told reporters after the meeting that the Reserve Bank is preparing a list of those stranded debt under the rules of bankruptcy and the inefficiency law which needs to be resolved. At the same time, the government is also working on the possibility of mutual mergers and acquisitions of public sector banks.

 

The Finance Minister said that public sector banks have made an operating profit of Rs 1.5 lakh crore in 2016-17. He told it properly and said that after making various provisions, these banks have a net profit of Rs 574 crore. The finance minister admitted that the lack of expansion of the loan business of banks remained a challenge. He said that it is time to solve all the pending NPA cases. On a question about the Maharashtra government's farmer loan waiver scheme, the Finance Minister made it clear that whatever state wants to waive agricultural loans, they have to mobilize money through their own resources for this work.

 

Arun Jaitley said that the government is actively working towards the strengthening of public sector banks through mutual mergers and acquisitions. The Finance Minister was speaking to the reporters here after a meeting with the heads of banks here on Monday. This meeting was called for discussions about the financial condition of the banks and the rapid redressal of the problem of their stranded debt. In the meeting, top officials of the Finance Ministry and Deputy Governor S.S. Mundra were also present.

 

After the meeting of the first session, Jaitley told reporters in the interaction, "As far as this meeting is concerned, the issue of merger-acquisition of the banks was not on the agenda. But I can say that we are working enthusiastically in that direction. “He said, "I cannot tell you more than that because the market can be affected by some things. But you can follow this assumption that it is taking initiative in this direction. '

 

The minister indicated that it will be resolved soon. By the end of fiscal year 2016-17, the problems of rupees six lakh crore rupees in front of government banks were stagnant. A senior official of the Ministry said that as far as the regional source is concerned, there is no alternative but to take steps to resolve non-executed assets. The official said that rules have been made about six major areas of problem. 

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