RBI admits loan frauds under Modi Govt three times higher than UPA-II

[Mitron]

RBI admits loan frauds under Modi Govt three times higher than UPA-II

 

 

[Mitron]

 

NH Graphic

In response to an RTI application, RBI admits that both the number of and the amount involved in bank frauds have spiralled in the last 4 years compared to the 5 years of UPA-II between 2009 & 2014

In response to an RTI application filed by economist and activist Prasenjit Bose, the Reserve Bank of India has now confirmed that in the last four years of the Modi Government, loan frauds have amounted to a whopping ₹55,000 crore more than in the previous five years of UPA-II under former Prime Minister Manmohan Singh.

Expressing his shock and dismay, Bose said, “Where are the investigating agencies? How many fraudsters have been arrested and prosecuted for their crimes? The Union Finance Ministry must be held accountable for this massive loot of money from the banks and undermining the public sector banking system.”

Not only have the number of fraud cases increased under the present regime, the amount involved in loan frauds have also grown more strikingly; it has in fact trebled. This points towards systemic corruption in sanctioning loans to large borrowers.

The PSBs account for 88% of the amount involved in Loan frauds.

 

 

 

Excerpt of RBI reply to RTI query on loan frauds

The reply from the RBI, he maintains, highlights the following:

• There were 9,193 cases of loans frauds across Nationalised, ie Public Sector Banks, Foreign Banks, Private Sector Banks, other Financial institutions and small finance banks and local area banks in the last four years (April 2014 to March 2018), involving an amount of ₹77,521 crore.
• In the previous five years (April 2009 to March 2014) there were 10,652 cases involving ₹22,441 crore.
• While the number of loan fraud cases in the four years of the Modi Government is already inching toward the five-year total under the UPA-II Government, the amount involved has gone up by ₹55,000 crore.
• Instances of loans frauds in Public Sector Banks have totalled 7,128 in the last four years, with an amount of ₹68,350 crore involved.
• In the previous five years there were 8,331 cases involving ₹19,113 crore.
• Loan frauds at Private Sector Banks total 1,927 involving ₹7,774 crore in the last four years.
• In the previous five years there were 2,005 cases involving ₹2,670 crore.

[Mitron]

Amy 25th news.. pandaga cheskondi

 

https://www.nationalheraldindia.com/india/rbi-admits-loan-frauds-under-modi-govt-three-times-higher-than-upa-ii

[sarkaar]

 

Bodi pundakors ki modalayindhi ika band baja.

vadi goyyi vade tavvukonadu fakeu #hindutav

[Idassamed]

Nirav kingfisher tadithurala debba modi abba

[Idassamed]

Puccha lechi poddhi

[Spartan]

a fraud jargakunda undatanike kada..  CB ni process correct chesko mani cheppedi..

[kevinUsa]

 dantlo enta mandi gujju ani adigite telustadi naku telisi mottam 1500 valle undi untaru 

[uttermost]

serious capital crunch in India. that's why Govt is trying strongarm tactics with RBI.

but like raghuram rajan said, India's economy may not be able to absorb extra infusion of cash, like China did for the past 30yrs.

 

[solman]

idhi kooda andhra valla kutra 

[Idassamed]

5 minutes ago, uttermost said:

serious capital crunch in India. that's why Govt is trying strongarm tactics with RBI.

but like raghuram rajan said, India's economy may not be able to absorb extra infusion of cash, like China did for the past 30yrs.

 

Can you please elaborate, or point me to a website where I can read up on this topic. Why does BJP need the RBI reserves?

[Mitron]

12 minutes ago, Spartan said:

a fraud jargakunda undatanike kada..  CB ni process correct chesko mani cheppedi..

already ati pedda scam jarigindi. Danni muddu ga demo ani peru pettukunnaru.

danni kappipuchukodaniki leni poni natakalu.

[boeing747]

This is all #Ache Din.

[BeerBob123]

calling @snoww and @Sachin200

[bhaigan]

BJP and Modi ki gaddu kalam started