Finance Minister Nirmala Sitharaman on Monday said the ABG Shipyard account turned NPA during the erstwhile UPA regime and the banks took lesser than normal time to detect the fraud perpetrated by the shipping firm.”…in this particular case with that kind of a measurement, actually, I should say to the credit to the banks, they’ve taken lesser than what is normally an average time to detect these kinds of frauds,” Finance Minister Nirmala Sitharaman said at a press conference after addressing the members of the RBI board.The minister said normally banks take 52-56 months of time to detect such cases and initiate follow-up actions.
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