BAD DEBT … Under Modi’s rule, the rise and rise of bad debt ..huge loans mostly taken during the UPA periods and not repaid to top banks by big biz sharks

Modi … lacking in effective action…

NEWS BANKS BAD LOANS

NEW DELHI: The past five years of the Narendra Modi rule saw public sector banks writing off “bad debts” of Rs 6.19lakh crore, the Parliament was informed this past week. This was stated in a written reply to a question from Manish Tiwari of the Congress. Minister of State for Finance, Anurag Thakur, said as much amount was written off during the period from April 2014 to March 2019. The minister said that in 2015, the non-performing assets (NPAs, or bad debts) of public sector banks (PSBs) were of the order of Rs 3,12,706crore. This rose to Rs 10, 21, 460crore by 2018, he said in his written reply.

This is seriously affecting the financial soundness of banks, and works to the serious disadvantage of the national economy with short-term and long-term impacts.

Notably, much of these loans had been taken in a footloose manner during the UPA periods by business sharks without adequate guarantees for repayment, and then defaulted. Many of them are willful defaulters, who have the money and assets but would not pay back. Instead, they are fighting cases through legal channels, in an unending manner. 

The Modi government took power for the first time in June 2014.  IHN-NN

INDIA HERE AND NOW www.indiahereandnow.comemail:indianow999@gmail.com

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