Narendra Modi: All bad loans given to ‘namdars’ will be recovered

Targeting the previous Congress government for the bad loans in the banking sector, Prime Minister Narendra Modi on Saturday alleged that previously banks used to lent crores of rupees to businessmen close to “one family”. He assured that every penny given at the behest of ‘namdars’ (dynasts) will be recovered.

Addressing a gathering at the launch of India Post Payments Bank (IPPB) at Talkatora Stadium in the national capital, PM Modi alleged that instant loans were issued to ‘namdars’ on just a phone call. He even termed this a ‘phone-a-loan scam’.

The premier accused that the previous government used to hide the extent of non-performing assets (NPAs), due to which the enders were compelled to restructure the debt when the borrowers defaulted.  He said, as quoted by the Indian Express, “Against Rs 18 lakh crore loans given since Independence to 2008, the figure rose to an astronomical Rs 52 lakh crore in six years thereafter.”

India Post Payments Bank offers several facilities and benefits common citizens. Here is my speech to mark its laun… https://t.co/HUYuzVSpKy

— Narendra Modi (@narendramodi) September 1, 2018

Stating the no defaulter were granted loans after 2014, Modi said, “Since coming to power in 2014, the NDA government has analysed the enormity of the situation and asked banks to strictly recover dues. During the last four years, all loans in excess of Rs 50 crore have been reviewed and ensured that terms are strictly complied with. Every penny of loans given at the behest of ‘namdars’ (dynasts) will be recovered.” Adding on he said that no loans were provided to 12 big defaulters.

IPPB:

With the IPPB network, the postal department will ensure financial inclusion for the masses. Though this payments bank — Indian government holds 100 per cent equity — more than three lakh postmen and Grameen Dak Sewaks will leverage the vast network of the Department of Posts (DoP) and will help reach the banking sector in every corner of India. As per to the plan, all the 1.55 lakh post offices in the country will be linked to the IPPB system by December 31, 2018.

India Post Payments Bank: आपका बैंक, आपके द्वार pic.twitter.com/3kDGMFEP15

— narendramodi_in (@narendramodi_in) August 31, 2018

Stating the purpose of the IPPB, Modi said, “Through IPPB, we will be able to reach every nook and corner of the country. Bank and banking services will be available at every person’s doorstep.”

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