PM Modi blames UPA govt for bad loan mess, says every penny will be recovered | India News

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NEW DELHI: Prime Minister Narendra Modi on Saturday blamed the Congress-led UPA government for the NPA crisis and said that "every penny of loans given at behest of 'naamdaars' will be recovered".

The Prime Minister, who was speaking at the launch of the payments bank of Indian postal department, said that during the rule of the Congress-led UPA government a system of 'phone banking' was established. "Banks lent crores of rupees to businessmen on just one call," he said taking a dig at the Congress.

हमारे देश में Phone Banking का प्रसार उस समय उतना नहीं हुआ था, लेकिन नामदारों ने Phone पर Banking और फोन पर कर्ज दि… https://t.co/y5gQvgzyIh

— PMO India (@PMOIndia) 1535799514000

"All the terms and conditions required for granting of loans were set aside and only Congress and people associated with them were preferred," he alleged

The Prime Minister held the previous government's liberal policy to disburse loans responsible for the NPA crisis.

"From Independence to 2008, the country's bank had disbursed only Rs 18 lakh crore in the form of loans. However, in the next six years the banks had granted loans worth Rs 52 lakh crore," he said.

आजादी के बाद से लेकर साल 2008 तक, देश के बैंकों ने 18 लाख करोड़ रुपए की राशि ही लोन के तौर पर दी थी। लेकिन 2008… https://t.co/LRJm5fY8jz

— PMO India (@PMOIndia) 1535799451000

PM Modi also claimed that NDA government has not granted even a single loan to defaulters and asserted that the NPA crisis is a legacy of the previous government.


"Soon after our government came to power, we realized that the country's economy is sitting on a landmine. Had we revealed the state of the economy at that time, it would have caused a massive explosion. We had to take great care to rectify the mess in the economy," he said.


The Prime Minister then elaborated the steps taken by his government to sort the NPA mess.


"In last four years, loans bigger than Rs 50 crores have been asssessed. We are ensuring that conditions prescribed for granting of loans are strictly adhered with. We changed the law, we took decisions to merge several banks and promoted professionalism in the working of the banks, “ he said.

12 बड़े defaulters, जिनको 2014 के पहले लोन दिया था, जिसके NPA की राशि करीब पौने 2 लाख करोड़ रुपये हैं, उनके खिलाफ… https://t.co/ELcIbDYVnw

— PMO India (@PMOIndia) 1535800036000

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