Responding to queries during a short discussion in the Lok Sabha on a calling attention notice given by CPI member Gurudas Dasgupta on huge non- performing assets in banks due to default in payment of loans, he said in case of wilful defaulters, it is difficult to disclose names till action is taken against them.
The minister said when the discussion is on between borrower and the financial institution, the publishing of the names would "affect a number of things."
The cash recovery during the financial year 2004 by public sector banks including the State Bank group was Rs 9,396 crore (Rs 93.96 billion) and of NPAs valued at Rs 20,304 crore (Rs 203.04 billion) and the amount recovered was Rs 11,308 crore (Rs 113.08 billion), he said.
"An amount of Rs 3,908 crore (Rs 39.08 billion) has been outstanding against ten top companies. The government is concerned about this and has clearly spelled out ways to tackle wilful defaulters.
"The strengthening of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 after certain amendments has further tightened the grip over these defaulters," the finance minister said.
"I would like to submit that in the next few months we are likely to recover more of our outstanding non-performing assets through this legal respite," he said.