Ex-RBI governor Raghuram Rajan had writen to PMO and Arun Jaitely’s office in 2015 and gave a list to them. It actually contained information about ‘list of fraud NPA cases’. Three years have passed since Raghuram Rajan wrote to them. Yet, Modi government has failed to take any action on the same.
According to The Wire’s report, RBI has confirmed that PMO office and Arun Jaitely have refused to provide any information to the estimates committee of Parliament regarding the ‘fraud NPA cases’ mentioned by Rajan.
Instead, BJP has assigned senior party leaders to meet MP Murli Manohar Joshi. Joshi heads the parliamentary estimates committee. The senior leaders have been assigned to discuss committee works with him, according to media report.
Actually, Raghuram Rajan had given list of ‘infamous’ fraud NPA cases during his tenure to PMO in February, 2015. NPA is Non-performing asset. It is that money given by banks as loan which have little expectation to return.
Modi government has refused to cooperate with estimates committee by citing confidentiality as the reason. Joshi had asked PMO to share the details of the list with him if not with the entire estimate committee, according to The Wire report. All these facts about refusal of PMO to cooperate have come out after The Wire filed an RTI for the same.
Nations 90% NPA belongs to government banks only. Also, these are again mostly of big businesmen and industrialists. On one hand farmers are caught in false promises of loan-waivers. On the other hand frauders are running with money of people.
Government banks are going through losses. Many banking frauds are coming out, yet government has failed to give any response to the issue. Is Modi government trying to save the frauders? Is it itself involved in banking-frauds which have left our banks in huge debts?