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Mindless lending earlier led to problems in banking system: Venkaiah Naidu

Press Trust of India  |  Chennai 

M Venkaiah Thursday said the system is facing problems due to "mindless lending earlier" and banks should learn from their experiences so that such issues do not reoccur.

Participating in the platinum jubilee celebrations of the here, he said, "The system is going through a transformation. You are also seeing the problems that have arisen due to mindless lending earlier."

"Now, you are all seeing how the money is getting collected. We have to take steps. Banks must learn from their experience of what happened and see to it that such things do not reoccur," he said.

The aggregate gross NPAs of commercial banks increased from Rs 3,23,464 crore, as on March 31, 2015, to Rs 10,35,528 crore, as on March 31, 2018.

suggested that must take initiative and the entire global community must come together to enable automatic exchange of information with regard to accounts in different countries.

"The entire world should come together and have agreements so that fraudsters are taken to task. This is very important in view of the recent experience we had," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 12 2018. 00:25 IST