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Rajan indicted Modi on NPAs as he devised 'wink-a-loan-scam': Congress

  •   Tue, Sep 11 2018 10:59:17 PM

New Delhi, Sep 11 (IANS): Stating that Prime Minister Narendra Modi devised a 'wink-a-loan-scam' referring to the bad loans, Congress on Tuesday said former RBI Governor Raghuram Rajan indicted the Prime Minister and his office on the frauds being committed in the banking sector.

Congress was replying to Modi's allegation that "phone-a-loan" scam of the UPA government resulted in bad loans in the banking sector.

Congress spokesperson Randeep Singh Surjewala said Modi devised a new formula called 'Wink-a-Loan-Scam'.

A larger number of bad loans or NPAs originated in 2006-2008 when Indian economic growth was strong as the banks made mistakes, former RBI Governor Raghuram Rajan has said.

He said that global slowdown, project cost overruns and government decision-making were among the factors that contributed to the process.

On Raghuram Rajan saying that UPA was the cause of bad debts, Surjewala said: "I think you are misreading his report. Let me now place two or three facts again in public domain for your kind consideration."

"When UPA demitted office, the NPA was Rs 2,83,000 crore, very much in the controllable situation. There were in total only Rs 2,83,000 crore on May 26, 2014. How much are the bad loans today?" asked Surjewala.

In a reply in the Parliament up to March 2018, the government said they have gone up to Rs. 10,30,000 and today they have reached Rs. 12 lakh crore.

"Therefore, Rs. 9,17,000 crore are the bad loans generated in 52 months of Modi government," he added.

Congress party said Raghuram Rajan had set up a Fraud Monitoring Cell when he was the RBI Governor to coordinate with the early reporting of fraud cases to the investigating agencies.

The party said Rajan had sent a list of high-profile cases to the PMO urging him to taking action against some.

"Raghuram Rajan indicted the Prime Minister and Prime Minister's Office (PMO) on the fraud being committed and fraudsters who were escaping. He sent a big list of all the fraudsters who were to escape the country, but the Prime Minister's Office did not take any action" said Congress spokesperson Randeep Singh Surjewala.

"Rajan had also sent the name of Nirav Modi, Mehul Choksi in the list according to our information," he added.

Surjewala said this government was so arrogant that even on Tuesday it raised the prices of petrol and diesel. "So, if anybody is responsible, it is the current prime minister. For Rs. 2,83,000 crore hold Congress government responsible but for Rs. 9,17,000 crore in 52 months, will you hold PM Modi accountable?

"This NPA is a result of all the loaning and also the decimation of economy on account of the faltering economic policy. I think whether or not that issue (phone-a-loan-scam) was a figment of his imagination but ‘Wink-a-Loan' is definitely true for Modiji," surjewala added.
  

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Comment on this article

  • mohan, Mangalore

    Wed, Sep 12 2018

    Modi from bigining itself started distributing money to many foreign countries. Which previous government accumulated for countries development....and also and given loan to Mabry big industries on non interest basis... don't know in few years how many fraudsters generate in few years.....

    DisAgree [3] Agree [4] Reply Report Abuse

  • MOTABHAI, Gujarat

    Wed, Sep 12 2018

    The Gujarat model of development is to maximise the loans from any public sector bank, build and utilise 15%, and siphon off the rest to offshore accounts....
    Never lend money esp. to gujjus because it is gone, gone,..... and finally govinda

    DisAgree [1] Agree [4] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangalore

    Wed, Sep 12 2018

    One need to be kind and gentle to own the mistake to set an example to others instead finding fault with others

    DisAgree Agree [1] Reply Report Abuse

  • Sunil K, Mangalore

    Wed, Sep 12 2018

    So Modi is directly responsible or the NPAs. No wonder chota Modi and Co managed to escape the country.

    DisAgree [2] Agree [4] Reply Report Abuse

  • Sahil, Mangaluru

    Wed, Sep 12 2018

    In fact loans worth lakhs of crore have gone bad .few progressive loans became bad loans.surprisingly what were banks doing each stage of audit?

    Lakhs of crore loans can be turned in to bad loans only the exceptional case's such as natural disaster. But bank stating NPA (bad loans) based on what?any one can questions chairmen or board of directors? No way just blame game.

    Why can't take action on chairmen or board of director since all this period culprit engaged with over enjoyment with the help of financial minister support and RBI governor smooth hand from decade turned in to such tragedy which can not be recover so easily unless and until some miracles happen.

    DisAgree Agree [3] Reply Report Abuse

  • Mangalurian, Mangaluru

    Wed, Sep 12 2018

    Mega-loans to the Gujju businessmen are not possible without the winks from the appropriate people.

    When ordinary non-Gujjus go for a loan, they will be lucky to get a single lakh from a bank, unless they provide verifiable security for the loan.
    But if you are a Gujju, you are almost certainly in the league of mega-borrowers.

    When will Indians wake up!

    DisAgree Agree [4] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Sep 12 2018

    Indian Banks have declared Anil Ambani as Bankrupt for defaulting Rs. 39,000 Crores ...

    DisAgree [1] Agree [5] Reply Report Abuse

  • Sahil, Mangaluru

    Wed, Sep 12 2018

    I wonder what kind of 3 levels audit has been conducted from previous and present government in national and private banking sector.

    1. concurrent audit.
    2.internal audit.
    3.statutory audit.

    Indian banking sector has been neglected from both government. Just blame game not an accurate phase of the solution instead NPA issue should be maintained high level confidential in Coordination between bank and government officials till get the stearn solution.and encourage more flow from international level to Indian banking system of course day by day such kind of blame game and panic will divert the NRI remittance flow and foreign investmenthe as well since the matter has been exposed international level.

    DisAgree Agree [2] Reply Report Abuse

  • SMR, Karkala

    Wed, Sep 12 2018

    The Modi government on the financial fraud committed by Mehul Choksi and Nirav Modi under the watch of PM Narendra Modi, the Congress said the PM was intimated several times about the financial fraud committed by both of them, but the PM chose to look the other way.
    A report prepared by former RBI governor Raghuram Rajan on NPAs, Surjewala said the former RBI governor had sent a letter to the PM informing him about some “high profile” defaulters including Mehul Choksi but the PMO did not act.
    “The RBI set up a fraud monitoring cell when I was Governor to coordinate the early reporting of fraud cases to the investigative agencies. I also sent a list of high-profile cases to the PMO urging that we coordinate action to bring in at least one or two to book. I am not aware of progress on this front. This is a matter that should be addressed with urgency,” said Rajan in his report.
    1. Why didn't the PM take action against these known defaulters?
    2. When UPA demitted office the NPA was ₹ 2.83 lakh crore. Why is bad loans today - it’s ₹12 lakh crores?
    3. Why did PM Modi not act against defaulters based on Rajan’s letter?

    “Chaukidar bhagidar ban gaye (the watchman has became the accomplice)”

    Jai Hind

    DisAgree Agree [4] Reply Report Abuse

  • Jembar Bappu, Bajpe

    Wed, Sep 12 2018

    Sent the high profile fraud list to PM's office.

    Modiji opens the list and the list reads..

    1. Narendra Modi.
    2. Amit Shah.

    .. The rest of the list is pretty obvious. Most are from Gujarat State!!!!

    DisAgree Agree [6] Reply Report Abuse


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