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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    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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      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.
      Reply
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        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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          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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          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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            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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              Ashwani
              Oct 15, 2016 at 12:15 pm
              The only issue is, should the loan be recovered or not? Sitaram ne kya galat kaha?
              Reply
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                Dr
                Oct 15, 2016 at 9:37 am
                The loans were given during the UPA. Why are you misleading ppl ?
                Reply
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