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India


UPA abused system to show 'NPA Cos' in good conditions: BJP

UPA abused system to show 'NPA Cos' in good conditions: BJP

New Delhi, Sep 12 (UNI) The BJP on Wednesday charged the erstwhile Congress-led UPA dispensation of 'forging' accounts of big time loanees and showing them as stable accounts and thereby leading the banking system to the Non Performing Assets (NPAs) menace.

"Jo account aat saal pahele NPA ho chuka tha, uska jhoot moot restructure dikhake... (Those who accounts which perhaps landed into NPA category even eight years back were shown as being restructured)," BJP leader and Union Minister Piyush Goyal told reporters here.

Such 'stressed accounts' were also give fresh loans and turned into 'ever green accounts', he alleged.

"This is the first government under Prime Minister Narendra Modi which has acted on bad loans and made big time companies to repay their loan amount," he said.

Mr Goyal told reporters at party headquarters here while the truth was something else; the banks were shown as making profits.

"We have started bringing out the facts of these companies and accounts since 2014-15," he said adding even experts have welcomed the Modi government's decision to 'clean' the system.

In his context, Mr Goyal, who also held the portfolio of Finance during the illness of incumbent Arun Jaitley, cited the instance of the Indian Bank.

"The government had taken the elementary corrective steps than during the stint of Atal Bihari Vajpayee and now we are doing the same at various levels in the overall banking system," Mr Goyal said.

He said during the tenure of UPA regime, loans were given to some companies 'indiscriminately'

and the foundation of banks were 'weakened'.

"But our government has shown the mirror and even big business captains have been forced to repay their loan......If they cannot the matters will be dealt under the provisions of Insolvency Code," he said.

Mr Goyal alleged that at times even companies and promoters were given loan - "those who never had the capacity to pay them back nor they had the intent to do so".

On this backdrop, the government is taking adequate measures against such defaulters.

"The actions the Modi government has taken against those involved in 'bad loans recovery' under measures such as Fugitive Offenders' Law have made such people to run from pillar to the post," he said in reference to fugitive business captains like Vijay Mallya.

"Dekhie Kaise bhatak rahen hae sab lok....(You can see how they all are running)," Mr Goyal said.

UNI DEVN SHK1727

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