New Delhi: Finance Minister Arun Jaitley on Saturday, stressed on the importance of uplifting the rural sector in India at a post-budget meeting organised here.
Addressing the meeting of Central Board of the Reserve Bank of India, Jaitley discussed the importance of increasing allocation towards housing and infrastructure in the Union Budget 2017-18. He introduced the Goods and Services Tax (GST) and also explained the reduction of taxes for Small and Medium Enterprise (SME) sector.
Speaking on the removal of Non-performing Assets (NPAs), Jaitley added that resolution of NPAs in an ongoing issue, and RBI and the Government has reforms in place for the recovery.
“In all of these years, recovery of NPAs is an issue that has been constantly monitored by RBI, with the help of legal and executive methodology. Individual bankers now need to take responsibility for resolving the issue,” said Jaitley at the Board meet.
“In most of the sectors where NPAs have emerged, there are legacy issues being involved. However, recognition, reporting and resolving of the same has taken place at a much later phase,” added RBI Governer, Urjit Patel.
The 563rd meeting of the Central Board was chaired by Urjit Patel. Other officials present at the meeting include Shaktikanta Das, Secretary, Department of Economic Affairs and Anjuly Chib Duggal, Secretary, Department of Financial Services. The Board reviewed the current economic situation, global and domestic challenges and other specific areas of operations of RBI.