Dealings of previous government 100% responsible for NPA: Modi speaks about Congress led UPA’s worst scamFebruary 07, 2018
New Delhi: In reply to President’s address to parliament, Prime Minister Narendra Modi in Lok Sabha revealed the Congress-led UPA government’s role in creating huge Non Performing Assets(NPA) in the banks for the first time.
‘Some people speak lie, they speak lie loudly and speak it repeatedly. It has become a kind of fashion for them. Our Finance Minister has time and again said truth but his voice is suppressed while those speaking lie speak it loudly,’ PM said.
‘The issue is related to Non Performing Assets(NPA). I want to tell the nation that the previous government’s dealings are responsible for NPA. The previous government is 100% responsible for NPA. Not even 1% responsibility goes to anyone else. The previous government pressurized and phone called the banks, directing them to give loans to favorite people. Loans were not repaid. Banks, leaders, government, middle men were jointly restructuring it. Banks never received money back. The dealings of restructure were only on papers. The country was looted. They gave trillions of Rupees this way,’PM said.
‘This came to our notice as soon as we came to power. If we wanted to do politics, we could put the details in public on very first day, but it could cause great harm to economy. I remained silent for good of nation even after knowing about their deeds. I tolerated their allegations for good of nation. But now banks are strengthened by us and truth must be told,’ PM said.
Addressing the Congress members, PM said, ‘this NPA is your sin. I am telling that in this pious house, in this temple of democracy. We have not given even a single loan that may result into NPA. You concealed the things and gave wrong figures. You said NPA was 36%. When we went through the details post 2014, we found you had given wrong figure, and NPA actually was 82%. In March 2008, 18 lakh crore advance were given by banks and in six years in march 2014, the figure was Rs 52 lakh crore. This was cheating with poor of this country. You showed restructuring, thanks to middle men.’
‘We worked for four years, we worked for recapitalization, we learnt from experience all over the world. Rs 18 lakh to Rs 52 lakh crore NPA…. You looted the country and today it is increasing due to interest of your sins. Today’s growing figure is due to interest levied over Rs 52 lakh crore. The country will never forgive you. You will need to give account of this,’ PM said.
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