Squarely blaming the previous UPA government for the NPAs in banks, Prime Minister Narendra Modi today said his government was wrongly criticised for the “sins” of the Congress which even hid the exact value of these stressed assets.
Replying in the Lok Sabha to the motion of thanks on President’s address, Modi claimed if he had revealed the staggering figure of the Non Performing Assets (NPAs) earlier, it would have deeply hurt the economy but now he was doing so with evidence as banks were getting back into good health.
He said the Congress gave wrong figures as NPAs were 82 per cent and not 36 per cent. Modi said that the total advance made by banks rose from Rs 18 lakh crore to Rs 52 lakh crore.
“People should now know the truth…. It is the interest on what you squandered away. These are your sins,” Modi said targeting the Congress, and alleged that loans were given away to the people who were close to those in power.
After the NDA took over, not a single loan was passed which could turn into an NPA, Modi claimed.
“The workings of our previous government are responsible for the NPA mess. They are 100 per cent responsible and nobody else,” the prime minister said.
Modi said his government has taken a series of steps like recapitalisation of banks to revive the sector, and his government’s “cleanliness drive”, an apparent reference to measures against corruption and blackm...