AMN / New Delhi
UNION Minister of State for Finance Shiv Pratap Shukla said on Friday that as per data reported by Public Sector Banks (PSBs), 1,77,614 properties have been attached and auctioned by them and an amount of Rs 15,196 crore has been recovered during the financial years 2014-15 to 2017-18 (till 31.
12.2017).
In a written reply to Lok Sabha on Friday, Mr Shukla said that a number of mechanisms are available to banks to effect recovery, such as filing of a suit in Civil courts or in Debts Recovery Tribunals and action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act.
In addition, the Insolvency and Bankruptcy Code, 2016 has been enacted for time-bound resolution of stressed assets.