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anurag thakur

Dec 10, 2019, 08.29 AM IST

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ANURAG THAKUR

Public sector banks turn profitable in April-September FY20

PSBs had posted huge losses in 2017-18 and 2018-19 financial years due to heavy provisioning for non-performing assets and other contingencies, according to the minister. State-run lenders had posted aggregate operating profits during 2017-18 and 2018-19 of Rs 1,55,603 crore and Rs 1,53,871 crore respectively.

10,860 cases under IBC pending before NCLT at the end of September: Govt

"As per the data provided by National Company Law Tribunal (NCLT), t...

Nearly 3 per cent of Mudra loans turn into bad loans: Government

Loans are classified as MUDRA under the PMMY. The loans are given under thre...

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  • Thakur said as part of the government’s drive against black money, undisclosed income of about Rs 8,465 crore has been brought to tax and penalty of Rs 1,294 crore levied in the HSBC cases.

    The government has recently appointed 28 more members in NCLT and 4 more members in NCLAT, said Union minister Anurag Singh Thakur in order to quicken the legal proceedings and reduce the pendency of cases. Additional members have been appointed and additional courts are being operationalised from time to time.

    ​​The bill seeks to increase the limits for aggregate fund collections in chit funds to thrice the current limits and allows the chit fund foreman a right to lien against the credit balance from subscribers. The Lok Sabha passed the proposed amendment on November 20.

    "Banks should also focus on genuine customers who need financial support to grow their businesses and the MSME sector, which is the backbone of our economy, needs a lot of support from the banking industry," Anurag Thakur said at the 101st foundation day celebrations of the state-run Union Bank of India here this evening.

    Gross NPAs of SCBs, which stood at Rs 10,36,187 crore on March 31, 2018, declined by Rs 97, 996 crore to Rs 9,38,191 crore as on June 30, 2019, Anurag Thakur said during question hour in Lok Sabha. The gross NPAs stood at Rs 3,23,464 crore as on March 31, 2015 and increased to over Rs 10.36 lakh crore figure by the end of 2017-18 fiscal on March 31.

    "It is not only the government, it is also the industry which also has to play an important role. In GST, we are seeing a lot of fake invoicing and it is from business to business," Thakur said at the annual session of Consumer Electronics and Appliances Manufacturers Association.

    According to the bill, it is proposed to raise the maximum chit amount from Rs 1 lakh to Rs 3 lakh for those managed by individuals or less than four partners, and from Rs 6 lakh to Rs 18 lakh for firms with four or more partners. The maximum commission for the 'foreman', who is responsible for managing the chit, is proposed to be raised from 5 per cent to 7 per cent.

    Analysts said the advance-decline ratio needs to improve, as the index looks to take out the 12,000 level in the coming days.

    Investigating agencies had imposed Rs 1,907 crore penalty and confiscated Rs 3.45 crore under FEMA in 2018-19. Penalties worth Rs 179 crore and confiscations of Rs 11.49 crore were made in 2017-18. As for PMLA, Rs 15,490 crore worth of properties were attached in 2018-19, up from Rs 7,432 crore in FY18.

    Government owned banks reported frauds of over Rs 95,700 crore in the first six months of the current fiscal, the Parliament was informed on...

    PSBs reported 5,743 cases of fraud in 6 months, most of which had taken place over the last several years.

    "No sir," Minister of State for Finance Anurag Thakur said in a written reply in the Rajya Sabha to a query if the government intends to revise fiscal deficit in view of the economic slowdown. The minister further said expenditure of various ministries and departments of the government is as per the estimates approved by Parliament.

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