Feb 01, 2019 11:58 AM IST | Economy

Budget 2019: Rs 3 lakh crore recovered from big corporate loan defaulters: FM Piyush Goyal

Presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal said, "We have stopped culture of phone banking".

He was referring to allegations of giving of "rampant loans over phone" during the UPA regime.

Budget 2019: Rs 3 lakh crore recovered from big corporate loan defaulters: FM Piyush Goyal

Finance Minister Piyush Goyal on Friday said Rs 3 lakh crore have been recovered from big corporate loan defaulters.

Presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal said, "We have stopped culture of phone banking".

He was referring to allegations of giving of "rampant loans over phone" during the UPA regime.

Goyal, stepped in as interim finance minister after Arun Jaitley had to fly to New York for medical treatment, further said Bank of India, Oriental Bank of Commerce and Bank of Maharashtra have been removed from the PCA (prompt corrective action) framework of the RBI.

"I hope other banks too would soon come out of PCA framework," he said.

The finance minister also said, "Our government had the guts to ask RBI to look at bad loans and present correct picture to nation".

He said the Insolvency and Bankruptcy Code was helping in recovery of non-performing loans.

"Even big businessmen are now worried about loans," Goyal said.

Published Date: Feb 1st, 2019 11:58 AM | Updated Date: Feb 01, 2019 11:58 AM IST

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more