Parliamentary panel cautions govt towards early euphoria over NPA discount

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The Standing Committee on Finance in its report tabled in Parliament noticed that the banking system seems to have weathered the pandemic shock nicely with respect to non-performing property (NPAs).

Cautioning the federal government towards “any early euphoria” close to discount in NPA within the banking sector, a Parliamentary panel on Tuesday stated that the dangerous loans might go up resulting from some lag influence of the Covid pandemic.

The Standing Committee on Finance in its report tabled in Parliament noticed that the banking system seems to have weathered the pandemic shock nicely with respect to non-performing property (NPAs).

The panel was knowledgeable that opposite to RBI’s Monetary Stability Report projections of the gross NPA ratio of business banks growing from 7.48 per cent in March 2021 to 9.8 per cent by March 2022, the NPA figures on the gross stage for public sector banks have decreased from 9.11 per cent as on March 31, 2021, to 7.9 per cent at end-December, 2021.

“The Committee want to warning towards any early euphoria on this depend, as there should still be some lag influence of the pandemic for the banking sector within the pipeline,” the report stated.

It additional stated that absorbing extra liquidity that was injected as a part of the pandemic response to stimulate the economic system is critical, as there could also be the potential of a rise in NPAs.

The panel was of the view that prudence continues to be required and the steps taken by the federal government to scale back NPAs and to impact restoration ought to be continued with the identical vigour.

On digital economic system and rising on-line frauds, the panel stated at any time when digital frauds are reported by the victims, the onus for immediate redressal ought to be on the involved financial institution and monetary establishments.

The shopper shouldn’t be left in a lurch working from pillar to submit for grievance redressal, it stated.

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Lexie Ayers
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