PM Modi blames phone-a-loan scam under UPA regime for NPA mess

The PM also alleged that as people were appointed in banks through referrals and influence of namdars

Prime Minister Narendra Modi on Saturday accused the previous Congress-led UPA government of running a phone-a-loan scam where loans were handed out to select businessmen at the behest of namdars (dynasts), creating huge amounts of non-performing assets in the banking sector.

“The Congress had put the economy on a landmine. Our government brought out the true picture of NPAs and the scam of the previous government,” he said.

Citing figures, Modi said all banks in the country had lent a total of Rs 18 trillion between 1947 and 2008, but the figure surged to Rs 52 trillion in just six