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PSU banks get back over 15,000 crore seized by ED

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Indian banks continue to stand strong and resilient; over Rs 15,000 crore  restituted to PSBs following ED action: Sitharaman
  1. The Enforcement Directorate (ED) has returned nearly the entire sum of Rs 15,186 crore seized to public sector banks. These actions have helped reinforce the financial health of Indian banks
  2. The net Non-Performing Assets (NPAs) ratio of scheduled commercial banks has notably reduced from 5.9% in 2017-18 to 0.95% in 2022-23. The net NPA ratio of public sector banks has also dropped to 1.2%.
  3. Sitharaman clarified that “phone banking” was a term used to describe the method wherein political interference led to loans being sanctioned to individuals lacking creditworthiness during the UPA regime from 2004 to 2014. This resulted in substantial losses for banks.
SourceTOI

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