[New Delhi] Bad Loans to Banks by UPA Regime a Big Scam:Modi
Prime Minister Narendra Modi today launched a blistering attack on the previous Congress- led UPA regime, saying that banks were pressured to give loans worth thousands of crores of rupees to select industrialists in a scam bigger than 2G, coal and Commonwealth Games scams.
Speaking at the 90th AGM of industry association Ficci, Modi said the non performing asset (NPA) or bad loans problem is a “liability” handed over by “economists” in the previous regime.
Modi said loans extended to select industrialists by pressuring banks was a loot of public money.
Calling it a “scam”, he said this was bigger than the Commonwealth Games, 2G telecom spectrum allocation and coal block allocation scams.
Modi said his government is formulating policies keeping in mind the need of businesses, abolishing archaic and obsolete laws.
Industry, he said, had been long demanding Goods and Services Tax (GST) and the BJP-led government implemented it and introduced measures like anti-profiteering to see that industry passes on the benefit of lower taxes to the people.
Tag: Bad Loans
Bad Loans to Banks by UPA Regime a Big Scam:Modi
Vinod Rai,Exposer Of Various Scams, Appointed To Address Bad Loans
[New Delhi]Former CAG Vinod Rai Appointed 1st Chairman of Banks Board Bureau To Address Bad Loans
Vinod Rai was today appointed first Chairman of the Banks Board Bureau, which will advise the government on top-level appointments at public sector lenders and ways to address the bad loans problem among other issues.
Besides, ICICI Bank’s former Joint Managing Director H N Sinor, Bank of Baroda’s former CMD Anil K Khandelwal and rating agency CRISIL’s former chief Rupa Kudwa have been appointed members.
In a statement, the government said Prime Minister Narendra Modi has approved the proposal of the Department of Financial Services for the constitution of Banks Board Bureau (BBB) with the named persons as “part-time Chairman/Members, besides the ex-officio official members, for a period of two years”.
Public sector banks are grappling with a huge problem of bad loans with their collective gross NPAs (Non Performing Assets) approaching Rs 4 lakh crore level.
Rai was the Comptroller and Auditor General between January 2008 and May 2013, during which a number of CAG reports led to various scams including in the telecom and coal sectors coming to light.
The bureau will give recommendations on appointment of directors in public sector banks and advise on ways to raise funds and mergers and acquisitions to the lenders.
There are 22 state-owned banks in India including SBI, IDBI Bank and Bhartiya Mahila Bank.
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