New Delhi, March 26 -- Union Finance Minister Nirmala Sitharaman on Wednesday said in the Rajya Sabha that banks have overcome the challenges posed by the COVID-19 pandemic and are now heading in a new direction.
The Finance Minister opined that the banking reforms are the need of the hour.
Replying to the nearly three-hour-long discussion on the Banking Laws Amendment Bill 2024 in the house, Sitharaman said that there is no such thing as loan waiver.
She said steps are being taken to recover funds from borrowers, while the government's anti-corruption measures in banks have yielded positive outcomes. Public sector banks have become profitable, management has improved, creditors have regained stability, and loan repayments are on track....