Centre approves guarantee up to Rs 30,600 crore to back Security Receipts

New Delhi, Sep 16 (ANI): The Union Cabinet approved Central Government guarantee up to Rs 30,600 crore to back Security Receipts, said Union Finance Minister Nirmala Sitharaman. “It will be issued by National Asset Reconstruction Company Limited. In 2015, an asset quality review of banks had happened, this review revealed a high incidence of Non-Performing Assets (NPAs),” said the Finance Minister. “In last six financial years, the government's 4Rs strategy-Recognition, Resolution, Recapitalisation and Reforms- was executed, after this banks have recovered Rs 5,01,479 crore,” FM Sitharaman added.

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