How did the Finance Minister report a decline in NPAs on Mudra loans in 2023-24
The Finance Minister disclosed a reduction in NPAs related to Mudra loans during the mentioned period.
- The Finance Minister attributed the decline in NPAs on Mudra loans to the implementation of stricter lending guidelines by financial institutions.
- Improved monitoring mechanisms and enhanced due diligence measures by banks and other lending institutions also played a crucial role in reducing NPAs.
- The government's push for financial literacy and skill development programs among Mudra loan beneficiaries helped in improving repayment discipline.
- The Finance Minister highlighted the proactive measures taken to identify potential NPA accounts early and implement timely resolution strategies to minimize the impact on the overall NPA ratio.
- Overall, the concerted efforts of the government, financial institutions, and borrowers contributed to the successful reduction in NPAs related to Mudra loans in the specified period.
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10 months ago