Govt to empower bankers: Arun Jaitley at BS Awards

FM says anti-graft laws need to be upgraded to meet needs of a modern economic system

The government is determined to break the will of borrowers who game the banking system, thinking the lenders don’t have enough powers to strike back. Bankers are now armed with several strong laws and will soon operate without any fear of future harassment should a commercial decision go wrong, said Arun Jaitley, minister of finance, defence and corporate affairs, at the Business Standard Annual Awards for excellence in corporate and social sectors. 

“Some people are exploiting the banking system’s inability to deal with consistent defaulters. And, I think that needs to be cracked,” said the finance minister, delivering his speech