Bank Non-performing assets much bigger scam than 2G: Sitaram Yechury

Sitaram Yechury alleges that over Rs 11 lakh crore has been borrowed by Indian corporates form nationalised banks which they did not repay.

By: IANS | New Delhi | Updated: October 15, 2016 1:54 pm
Bank NPAs Scam, CPI-M General Secretary Sitaram Yechury, 2G spectrum scandal, Bank NPA scam, Communist Party of India-Marxist leader, India news, natoinal news, Scam news Sitaram Yechury has further alleged that the government instead of retrieving the money has waived off Rs 1.12 lakh crore owed by the corporates in the last two years.

Attacking the BJP-led Central government over loan waivers for corporates, CPI-M General Secretary Sitaram Yechury on Saturday said the unpaid loans owed by private companies to the nationalised banks was a scam “10 times bigger” than the 2G spectrum scandal.

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“More than Rs 11 lakh crore has been borrowed by Indian corporates form nationalised banks which they did not repay. Not only the government did not do anything to recover them, but waived off Rs 1.12 lakh crore owed by the corporates in the last two years.

“It is a humongous scam. A scam 10 times bigger than the 2G spectrum,” the Communist Party of India-Marxist leader said on social networking sites Twitter and Facebook.

“When you ask to waive off the loans of the farmers who are committing suicide due to distress, the government is unwilling to do so, saying it does not have enough resources, but (it) can waive off corporate loans to the extent of Rs 1.12 lakh crore.”

According to him, this “reflects the real face of the Central government”.

Yechury, who has been opposing the government proposal of creating a “bad bank”, called for recovering the loans instead of restructuring the banks.

“The suggestion of creating a bad bank is a bad idea, as it lets big defaulters get away scot-free. You just cannot restructure the nationalised banks so that they are once again able to dole out loans to the corporates,” said the leader who has written to Prime Minister Narendra Modi calling for “naming and shaming” the top 100 corporate loan defaulters and opposing the creation of a “bad bank”.

“All this money which has been misappropriated in this fashion belongs to the public. Instead of creating a bad bank the government must take immediate steps to recover the loans from the corporates,” added Yechury.

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  1. C
    Chander Pal
    Oct 15, 2016 at 9:43 am
    Leftists please start targeting congis your monitors. And by way can't we monetize the loss suffered by Bangal as a state when industries were hounded out of the state. People are unable to recall name of the cm of Bengal of 28 years and who spealized in taking Bengal as no. 2 developed state to no. 25 by the time his tenure came to an end.
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    1. S
      Sharad Joshi
      Oct 16, 2016 at 3:35 am
      Yecchri was part of UPA 1lt;br/gt;.lt;br/gt;We all need 2get answer from him only lt;br/gt; Who is b hind Mallya's loans.
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      1. S
        SubbuI
        Oct 15, 2016 at 2:19 pm
        LESS SAID IS BETTER ABOUT 1.12 LAC CRORE CORPORATE LOAN WAIVER ISSUE.NALAYAK NMODI DOES NOT DO ANY THING WITH OUT REASON. THE SAME DEFAULTERS HAVE FULLY FINANCED BJP LOKSABHA ELECTION TO THE TUNE OF 10000 CRORES AND STILL CONTINUE TO FUND BJP IN ALL FURTHER ELECTIONS. THE DEFAULTERS FROM COMMON PEOPLE SMALL LOANS ARE PROSECUTED AND RECOVERY AGENTS ARE SENT. THERE ARE INCIDENTS PEOPLE COMMITING SUICIDE.NALAYAK NMODI SLOGAN SAB KE SAATH SAB KA VIKAS IS TURNING OUT TO BE MODI KA RAJ SAB KA SATHYANAAZ
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        1. S
          Sudhip Kumar
          Oct 15, 2016 at 1:35 pm
          Sau choohay khakay billi haj ko chali? Left Front helped UPA 1 and 2 in this act actively.
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          1. V
            V s
            Oct 16, 2016 at 5:46 am
            NPA is not newly introduced by present central Govt. And waiver of loans isn't a healthy practice and used by political parties multiple times for electoral victory.
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            1. B
              B Rajendra
              Oct 15, 2016 at 8:52 am
              It seems Sitaram cannot understand the meaning of NPAs.How can Sitaram compare bank NPAs as bigger than 2G scam.better sense prevail before making such statements.
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              1. A
                Ashwani
                Oct 15, 2016 at 12:15 pm
                The only issue is, should the loan be recovered or not? Sitaram ne kya galat kaha?
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                1. D
                  Dr
                  Oct 15, 2016 at 9:37 am
                  The loans were given during the UPA. Why are you misleading ppl ?
                  Reply
                  1. g
                    guru592006
                    Oct 15, 2016 at 9:01 am
                    Yachury Sab, all the loans were given by UPA your partner.
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                    1. K
                      kamath Ramesh
                      Oct 15, 2016 at 9:52 am
                      Yechuri must also tell the nation these NPA are the loans given by congress supported by left. Why the loans given by them became NPA. This NPA is not the loan given in past two years but given during UPA.
                      Reply
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                        Krishna
                        Oct 16, 2016 at 2:36 am
                        Mr yuachery do not like that,neither we will be called antinational by so called modi bhakat
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                        1. M
                          Mayur Panghaal
                          Oct 15, 2016 at 1:00 pm
                          This is the oldest scam and oldest secret.What better than to legalize theft by crony corporates ? Adani,Ambani are kings of India...along with their slave politicians.lt;br/gt;There will be a day when we wake up and wake up to new owners of India after the current ones sell everything and flee.That day is not far.lt;br/gt;Anything that deals with the mes like mobile phones,electricity,defence,education,sugar etc have politicians at the top of the food chain.Delhi DIscom scam worth 8000 crores.Coal import scam 35,000 crores.Sab a hai par dhanda hai ye
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                            Mayuri Choudhary
                            Oct 15, 2016 at 9:40 am
                            The Leftists - and this particular specimen's - duplicity is deable. They apparently think the w world are fools. No wonder they have become extinct everywhere except the wonderful nirvana of North Korea. How many of the loans UPA sanctioned to these very "corporates" went to CPI(M) cronies - and how much in Yechuri's pockets? There should be a probe in this.
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                            1. M
                              Mayuri Choudhary
                              Oct 15, 2016 at 10:44 am
                              Why is IE deleting my comments? Coz' I said there should be a probe how much of the loans sanctioned under UPA went into the pockets of CPI(M)? And to Yechuri? And Yechuri's wife is working with IE? Duplicity and hypocrisy...Leftists and IE - made for each other!
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                              1. M
                                Mayuri Choudhary
                                Oct 15, 2016 at 10:47 am
                                With Leftists like these....no wonder communism is nearly extinct all over the world - except in the Commie nirvana, North Korea (where you get blown apart if you do not clap hard enough at the Great Leader's speech!!). IE - please delete this. I DARE YOU.... I DOUBLE DARE YOU!
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                                1. S
                                  S Subramaniam
                                  Oct 15, 2016 at 9:58 am
                                  What is age analysis? Has these loans paid after May 14? NPA is bigger than 2G Scam. But, who will answer for the industrial losses in West Bengal? Besides, Kerala is also following the foot steps of West Bengal. When the world has given way for Capitalism bother West Bengal and Kerala are no where near the best industrialised State of Independent India. Who is responsible for this sorry sad of affairs?
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                                    Mehemud Alam
                                    Oct 15, 2016 at 10:11 am
                                    If lefties and congies has given loan to corporates, does anywhere written right wing parties will have to wave off the loan amount? Do you think right wing parties are free from corruption?
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                                    1. I
                                      Ind
                                      Oct 15, 2016 at 11:43 am
                                      CPI must get Chinese FDI into Indian economy.
                                      Reply
                                      1. N
                                        namma
                                        Oct 16, 2016 at 5:38 am
                                        Yechury is worse than broken record..notice when he starts talking in RS, all incl speaker doze off, some with eyes open.
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                                          narayan
                                          Oct 15, 2016 at 9:44 am
                                          This self styled genius is a great anti national.
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                                            parth
                                            Oct 15, 2016 at 8:56 am
                                            And This Joker will always oppose privatization of public sector banks who tops in NPA's.
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