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Rajan indicted Modi on NPAs as he devised 'wink-a-loan-scam': Congress

IANS  |  New Delhi 

Stating that devised a 'wink-a-loan-scam' referring to the bad loans, on Tuesday said former RBI indicted the and his office on the frauds being committed in the sector.

was replying to Modi's allegation that "phone-a-loan" scam of the resulted in bad loans in the sector.

said devised a new formula called 'Wink-a-Loan-Scam'.

A larger number of bad loans or NPAs originated in 2006-2008 when Indian economic growth was strong as the banks made mistakes, former RBI has said.

He said that global slowdown, project cost overruns and government decision-making were among the factors that contributed to the process.

On saying that UPA was the cause of bad debts, Surjewala said: "I think you are misreading his report. Let me now place two or three facts again in public domain for your kind consideration."

"When UPA demitted office, the NPA was Rs 2,83,000 crore, very much in the controllable situation. There were in total only Rs 2,83,000 crore on May 26, 2014. How much are the bad loans today?" asked Surjewala.

In a reply in the Parliament up to March 2018, the government said they have gone up to Rs. 10,30,000 and today they have reached Rs. 12 lakh crore.

"Therefore, Rs. 9,17,000 crore are the bad loans generated in 52 months of government," he added.

Congress party said Raghuram Rajan had set up a Fraud Monitoring Cell when he was the RBI to coordinate with the early reporting of fraud cases to the investigating agencies.

The party said Rajan had sent a list of high-profile cases to the PMO urging him to taking action against some.

"Raghuram Rajan indicted the and (PMO) on the fraud being committed and fraudsters who were escaping. He sent a big list of all the fraudsters who were to escape the country, but the did not take any action" said Congress

"Rajan had also sent the name of Nirav Modi, in the list according to our information," he added.

Surjewala said this government was so arrogant that even on Tuesday it raised the prices of petrol and diesel. "So, if anybody is responsible, it is the For Rs. 2,83,000 crore hold Congress government responsible but for Rs. 9,17,000 crore in 52 months, will you hold PM Modi accountable?

"This NPA is a result of all the loaning and also the decimation of economy on account of the faltering economic policy. I think whether or not that issue (phone-a-loan-scam) was a figment of his imagination but 'Wink-a-Loan' is definitely true for Modiji," surjewala added.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 11 2018. 22:18 IST