India News | Cong Targets Govt over Bank Frauds, 'rising' NPAs
Get latest articles and stories on India at LatestLY. The Congress on Tuesday alleged that bank frauds and NPAs have risen during the NDA government and asked when would fugitives who are responsible for cheating banks be brought back from foreign shores.
New Delhi, Jan 25 (PTI) The Congress on Tuesday alleged that bank frauds and NPAs have risen during the NDA government and asked when would fugitives who are responsible for cheating banks be brought back from foreign shores.
Congress spokesperson Gourav Vallabh claimed bank frauds of Rs 5.35 lakh crore have taken place and new gross NPAs of public sector banks from 2014-2021 are four times the gross NPAs from 2007-14, while the bad loans written off are 25 times.
He also posed a set of questions to the government, while questioning the bank management strategy for the Modi government.
"We would like to ask that Modi Ji that Mehul Bhai to Sandesara, from Nirav Modi to Vijay Mallya, all of them are relaxing at some exotic beach location, having crores of tax payers' money as a fraud or borrowing from these banks. What is the government doing to get the taxpayers' money back? What is the government doing to get all these fugitives back to India," Vallabh asked.
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The loans, which were written off between 2007-14, amount to Rs 32,109 crore, whereas the total amount of loans, which were written off from 2014-21 are Rs 8,17,388 crores, he alleged, saying it is 25 times.
"Why has our banking industry lost Rs 5.35 trillion in the form of frauds in the last seven and a half years? Under whose pressure the Know Your Customer (KYC) norms were not adhered to by the banking industry and the banking industry had suffered this particular loss?" he asked
He also alleged that the Modi government is systematically killing the banking industry.
"Why is the government not bringing them (defaulters) back to India and recovering the dues of public sector banks from them," he asked.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)