Piyush Goyal: UPA Government Gave Loans Blindly, Weakened Banking Sector

Piyush Goyal: UPA Government Gave Loans Blindly, Weakened Banking Sector

New Delhi: Due to serving bad loans, the NDA government brought transparency and forced people to repay their loans. The government said of BJP attacked the Congress-led UPA government for blindly giving loans and weakening the banks due to which their losses increased from Rs 18,000 crore to Rs. 53,000 crore.

In a press conference, Union Minister Piyush Goyal said: “ Swachh Bharat Mission of Prime Minister Narendra Modi is not restricted only to the cleanliness of courtyards but is also about the cleanliness in our economic system.” He further continues “ But the Prime Minister and Finance minister Arun Jaitley took a wise decision not to bring any such white paper and they responsibly ran the government and brought a sustainable solution to only strengthen the economy.”

Describing the UPA (United Progressive Alliance) government for giving loans without doing the fact-checking project Mr. Goyal revealed that “ The UPA government started distributing loans from 2006 and the procedure went on till 2014. The bank losses increased from Rs 18,000 crore to Rs 53, 000 crore in those years”. In addition, due to the blindly giving loans overcapacity was created”

Mr. Goyal said citing an example of the Indian bank that “ Some Situation of the non- performing assets (NPAs) was prevalent when Atal Bihari Vajpayee’s government has come to power. And at that time, he brought the transparency and the Indian Bank is running in profit”

He further said that “ In case they could not repay the loans, we tried to resolve through Insolvency and Bankruptcy Code”. But it is the Modi government which has acted tough with these people and forced them to pay back.”

According to Mr. Goyal “, the restriction that made by Modi government also led to the implementation of the Fugitive Law, under which the properties of the defaulters are attached.

by Priti on September 13, 2018

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