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Bad loans to banks by UPA regime a big scam, says PM Modi

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Prime Minister Naendra Modi on Wednesday in a scathing attack on Congress has blamed the opposition party on the rising non-performing assets (NPAs) problem in the banks. The Prime Minister was addressing the inaugural session of the 90th annual general meeting of Federation of the Indian Chambers of Commerce and Industry (FICCI) at the Vigyan Bhavan today.

PM Narendra Modi congratulated the business chamber for its role across all sectors of the economy.

Listing out Congress’ failures,  he said that the UPA government created the monster of bad loans. PM said that India has amassed Rs 10 lakh crore bad loans for over a period of time. He also alleged UPA of looting the looted public money.

“Bank loans to select industrialists was loot of public money under UPA; it is a scam bigger than Commonwealth, 2G, coal scams,” he said.

PM Modi also assured that his government is working towards bringing transparency in the system. He said that the government is working towards a system which would be easily approachable. PM spoke about how the government is making laws that are in sync with the demands of the citizens.

In his pro-poor pitch in the first address in an AGM of a national business association after he took charge as PM, he said, “This government is working to end such a fight with the system. We are working to establish a system which is not only transparent, but sensitive as well and that understands the needs of the people”.

He further said that it gave him great satisfaction that poor of this country, who earlier faced hardship in getting a bank account opened, have been able to open bank account with zero balance under Jan Dhan Yojna.

Defending the FRDI bill, he said, “Rumors regarding FRDI are being spread. Government is working towards protecting interest and rights of depositors but rumors being spread are totally opposite. Contribution of institutions like FICCI important to dispel such rumors”.

Earlier, addressing the raising concerns over the FRDI Bill, finance minister Arun Jaitley had said deposits made by public in banks and other financial institutions will be protected.

The finance minister’s statement came after doubts had been raised over the Financial Resolution and Deposit Insurance Bill, 2017, (FRDI Bill) .

Assuring the citizens, the Finance Ministry has said, “The provisions contained in the FRDI Bill, as introduced in the Parliament, do not modify present protections to the depositors adversely at all. They provide additional protections to the depositors in a more transparent manner.”

“The FRDI Bill will strengthen the system by adding a comprehensive resolution regime that will help ensure that, in the rare event of failure of a financial service provider, there is a system of quick, orderly and efficient resolution in favour of depositors”, it added.

DNA

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