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Jaitley’s remark on NPA ‘height of irresponsibility’: Congress MP Veerappa Moily

Jaitley, acknowledging that there was decline in loan growth, said NPAs grew due to "indiscriminate loans" given by the UPA government. Some of these NPAs were being hidden under the carpet, he said.

By: PTI | New Delhi |
February 9, 2017 10:18:20 pm
arun jaitley, gdp, india gdp, india growth rate, finance ministry arun jaitley, jaitley, protectionism india, india inflation, india news, indian express Finance Minister Arun Jaitley.

Countering Arun Jaitley’s charge that “over management of banks” by the UPA government led to creation of NPAs, Congress MP Veerappa Moily today alleged it was “height of irresponsibility” on part of the Finance Minister to have blamed the previous regime for rise in the liabilities.

Moily, who had yesterday targeted the Centre for growing non-performing assets (NPAs), sought to pay the Minister back in the same coin, saying the rise was mainly due to “mismanagement of banks” by Modi dispensation.

“We left (government) at 4 per cent NPA, but now it has grown to over 9 per cent on record. He (Jaitley) says it is because you have given the room. Is it a reason for a Finance Minister to give?” Moily told reporters.

“It is for you to manage…the banks have been mismanaged by him and that’s how the NPAs are more. And only raising the hands that no no I couldn’t do anything because you (UPA) did it…I think it is a height of irresponsibility,” he added.

As per the official figure, gross NPAs of public sector banks rose to Rs 6,30,323 crore by September 2016.

Replying to a debate in the Lok Sabha earlier, Jaitley had sought to underscore that most of these loans were given during 2007-08-09 period when the boom period of the economy was there (during UPA tenure).

“The percentage (of NPAs) has not been increased because we have started giving much higher unaccountable loans. Most of these are loans given during 2007-08-09 period when the boom period of the economy was there,” he said.

“Your allegation is that your sins have not been corrected and reversed by us. This cannot be a charge on us,” the Finance Minister added.

Jaitley, acknowledging that there was decline in loan growth, said NPAs grew due to “indiscriminate loans” given by the UPA government. Some of these NPAs were being hidden under the carpet, he said.

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