Modi govt banks loan write-off is 3 times more than UPA ummid.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ummid.com Daily Mail and Mail on Sunday newspapers.
Banks loans write-off: NDA scores three times over UPA, says RTI
Sun, Dec 20 2020 10:12:14 AM
By Quaid Najmi
Mumbai, Dec 20 (IANS): In a dubious distinction of sorts, the Bharatiya Janata Party-led NDA rule achieved the highest loans write-off between 2015 and 2019, which is more than three times compared to the figures of bad loans written off during the previous Congress-led UPA regime from 2004-2014, as per an RTI revelation.
During the UPA s 10-year rule, around Rs 2,20,328 crore was written off by various banks, and this figure shot up to Rs 7,94,354 crore during the NDA regime from 2015-2019, resulting in a corresponding reduction in the banks NPAs.
NDA govt wrote off Rs 8 lakh crore bad loans, reveals RTI query IANS
Mumbai: In a dubious distinction of sorts, the Bharatiya Janata Party-led NDA rule achieved the highest loans write-off between 2015 and 2019, which is more than three times compared to the figures of bad loans written off during the previous Congress-led UPA regime from 2004-2014, as per an RTI revelation.
During the UPA’s 10-year rule, around Rs 2,20,328 crore was written off by various banks, and this figure shot up to Rs 7,94,354 crore during the NDA regime from 2015-2019, resulting in a corresponding reduction in the banks’ NPAs.
The data was provided under an RTI query by Pune-based businessman Prafful Sarda, giving some shocking insights into the state of affairs of not only public sector banks, but also those in the private sector and foreign banks.
India needs multiple bad banks to address adverse impact of non-performing assets: CII
Mumbai: Confederation of Indian Industry (CII) has urged the government to consider the creation of multiple bad banks to address the adverse impact of non-performing assets accumulated by public sector banks in the recent past, which got further accentuated during the pandemic. CII, in its recently submitted pre-budget memorandum to the government, has recommended that the government consider enabling Foreign Portfolio Investors (FPIs) and Alternative Investment Funds (AIFs) to purchase NPAs.
Explaining the rationale, Uday Kotak, President CII, said; âIn the aftermath of Covid it is important to find a resolution mechanism through market-determined price discovery. With huge liquidity, both globally and domestically multiple bad banks, can address this issue in a transparent manner and get the credit cycle back in action.â