Modi blames Cong for bad-loan mess, claims every penny will be recovered

Agencies
September 1, 2018

New Delhi, Sept 1: Prime Minister Narendra Modi on September 1, 2018, blamed ‘phone-a-loan’ scam of the previous United Progressive Alliance (UPA) government for the bad loans in the banking sector and asserted that every penny given at the behest of ‘naamdars’ (dynasts) would be recovered.

Launching a payments bank of the postal department, Mr. Modi said that during the previous regime, the majority of bank funds were reserved only for the rich who were close to a particular family

Against ₹18 lakh crore loans given since Independence to 2008, the figure rose to an astronomical ₹ 52 lakh crore in six years thereafter, he noted.

“Loans were given on phone calls made by ‘naamdars’.” Banks lent crores of rupees to businessmen who were referred by the ‘naamdars’ in contravention of rules. “Knowing fully well that loans will not be paid back, banks lent money on orders of a family to a few.” And lenders were forced to restructure the debts when the borrowers defaulted, he alleged .

Mr. Modi charged the previous UPA government of hiding the extent of non-performing assets (NPAs) of banks. Since coming to power in 2014, the National Democratic Alliance government had analysed the enormity of the situation and asked banks to strictly recover dues.

‘Congress put economy on a landmine’

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

In the the last four years, all loans in excess of ₹50 crore have been reviewed and ensured that terms were strictly complied with. Twelve of the biggest loan defaulters have an outstanding of ₹1.75 lakh crore. Another 27 have ₹1 lakh crore. “We never gave any loans to any of the 12 big defaulters,” he said.

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Agencies
January 24,2020

Indore, Jan 24: Around 80 Muslim leaders of the BJP in Madhya Pradesh on Friday resigned from the primary membership of the party in protest over the Citizenship (Amendment) Act, calling it a "divisive" measure.

One of the leaders, Rajik Qureshi Farshiwala, said around 80 Muslim partymen have resigned from the BJP's primary membership after writing to the newly-appointed national president, J P Nadda, on Thursday.

These leaders, who dubbed the CAA "a divisive provision made on religious grounds", include several office- bearers of the BJP's minority cell, he said.

"It was becoming increasingly difficult for us to participate in our community's events after the CAA came into existence (in December 2019).

"At these events, people used to curse us and ask us how long we plan to keep quiet on a divisive law like the CAA?" he said.

"Persecuted refugees of any community should get Indian citizenship. You cannot decide that a particular person is an intruder or a terrorist merely on the basis of religion," Farshiwala added.

In their letter, the Muslim leaders stated, "Citizens have right to equality under Article 14 of the Indian Constitution. But the BJP-led Central Government is implementing the CAA on religious grounds.

"This is an act of dividing the country and against the basic spirit of the Constitution."

Some of the leaders who have resigned are considered close to BJP general secretary Kailash Vijayvargiya.

When asked about the development, Vijayvargiya on Thursday evening said, "I am not aware of the matter. But we will explain (about the CAA) if a person is being misled."

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News Network
May 14,2020

London, May 14: Fugitive liquor baron Vijay Mallya on Thursday urged the Central government to accept his offer to repay 100 per cent of his loan dues and close the case against him.

While congratulating the Centre for introducing Rs 20 lakh crore relief package to boost the economy amid the coronavirus lockdown, Mallya, lamented that his repeated attempts to pay back his dues have been ignored by the Indian government.

"Congratulations to the Government for a Covid 19 relief package. They can print as much currency as they want BUT should a small contributor like me who offers 100% payback of State-owned Bank loans be constantly ignored? Please take my money unconditionally and close," he tweeted.

Earlier this month, Mallya had sought permission to appeal against a ruling ordering his extradition to India in Britain's highest court the UK Supreme Court.

The application comes two weeks after the High Court in London - the UK's second-highest court - dismissed Mallya's appeal against a lower court ruling that he be sent to India to face charges of defrauding a consortium of Indian banks of more than Rs 9,000 crores relating to the collapse of Kingfisher Airlines in 2012.

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News Network
June 26,2020

New Delhi, Jun 26: Petrol prices in the national capital have reached Rs 80.13 per litre on June 26, up by 21 paise from yesterday’s Rs 79.92 per litre; while diesel prices in Delhi also rose to Rs 80.19 per litre – up by 17 paise compared to yesterday’s Rs 80.02 per litre.

This is the 20th consecutive day that fuel prices have been hiked by oil marketing companies (OMCs). The hikes began from June 8 after a 83-day halt on revised pricing during the lockdown period.

The state government’s increased value-added tax (VAT) on diesel since May is causing the fuel’s prices to soar in Delhi. VAT was increased to 30 percent for both petrol and diesel from 27 percent and 16.75 percent, respectively.

Coupled with the Centre’s hiked excise duty of Rs 3 per litre since March 14 and then Rs 10 per litre on petrol and Rs 13 per litre on diesel since May 5 has affected prices.

The hike on diesel prices is unusual, as the government traditionally keeps the price for the fuel low due to its impact on agriculture and other high consumption economic activities.

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