Won`t write off any bad loans, defaulters won`t be spared: Arun Jaitley

Zee Media Bureau

New Delhi: Finance Minister Arun Jaitley on Saturday said that defaulters will not be spared as the government will not write off any bad loans.

Stating that the country needs strong banks rather than numerically a larger number of banks, Jaitley said, “Won't write off any bad loans, defaulters won't be spared”.

During a briefing at Gyan Sangam event in the national capital, the FM further added that the government took some sector specific decisions, like power, infrastructure, steel, etc.

He also said that ESOPs for bank employees is under consideration.

Speaking about his budget proposal of constituting an expert group on bank consolidation, Jaitley said this will be accorded utmost priority. "What we need are strong banks. There shouldn`t be any weakling in the link," he said.

"What we need are strong banks than numerically a large number."