New Delhi: There are 8,167 wilful defaulters who owe banks an amount of Rs 76,685 crore and 1,724 FIRs have already been filed in 2015-16, government said on Tuesday.
The details were provided by Finance Minister Arun Jaitley in Rajya Sabha during Question Hour, where he also said that a Joint Committee of Parliament is presently looking into a Bill relating to debt recovery which aims at empowering banks to take more effective steps in dealing with default situations.
Jaitley said Sharma was "perfectly right that the Debt Recovery Tribunals have to be made more effective."
He said in the Debt Recovery Bill that the Committee was examining, the government has proposed increasing the number
of these tribunals. He also said that several notifications regarding filling up of vacant positions are in the pipeline.
Congress member Digvijay Singh expressed concern over the poor conviction rate in such matters which, as per the details
provided by the Finance Minister, was just 1.14 per cent during 2015-16.
To this, Jaitley said the convictions depended on the kind of evidence that investigation agencies are able to
produce.
The Minister said many defaults that banks have been seen pertain to sectors like steel, infrastructure and power and
government has worked in the last one and a half years to address problems of these sectors.
He said several other measures have been taken to help banks in such situations and added that the insolvency law has
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