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India


NPAs biggest scam, UPA silent spectator when public money was looted: Modi

NPAs biggest scam, UPA silent spectator when public money was looted: Modi

New Delhi, Dec 13 (UNI) Prime Minister Narendra Modi, on Wednesday attacked the previous UPA government, led by Dr Manmohan Singh for not doing anything when loot was being carried out through banks which created huge Non-Performing Assets (NPAs).
Addressing the inaugural session of the 90th Annual General Meeting of FICCI here, Mr Modi described the NPA issue as the biggest scam in the country surpassing coal and 2G scams.
He said the issue of NPAs was a legacy received by the current Government. “And at that time economists and bodies like FICCI never raised the alarm or never alerted the nation when the banks were forced to give loans which turned up as NPAs."
Prime Minister said that everybody was knowing that wrong is being done, and loot on the hard earned money of common people was being made. But nobody came forward to wake up those who were sleeping. Everyone kept mum on the issue.
On the reports being circulated in a section of media regarding changes being made in Financial Resolution and Deposit Insurance (FRDI) Bill, 2017, Prime Minister Modi said, “Rumours are now being spread about the Financial Regulation and Deposit Insurance (FRDI) Bill. The Government is working to protect the interests of the account holders, but rumours that are being spread are the exact opposite.”
He said organisations such as FICCI have a responsibility to generate awareness about such issues. Similarly, FICCI has a role to play in making GST more effective. He said the Government's effort is to ensure that maximum businesses register for GST.
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