NDA regrets three times more loan write-offs than UPA, shocking information found in RTI

- Modi Raj had to repay more loans than Manmohan Singh

New Delhi Dated 21st December 2020 Monday

It was shocking to learn that under the NDA government, which has been lashing out at the UPA government over scams, bank scams and corruption, it has had to repay three times as many loans.

This shocking detail came out through an RTI application. The gist of it is that between 2004 and 2014, three times as many loans had to be written off in the first five years of Narendra Modi's rule as during Manmohan Singh's rule.

Under Manmohan Singh's government, banks had to write off loans of Rs 2,20,328 crore. This happened during the ten years of Manmohan Singh's government. On the other hand, the NDA had to write off loans worth Rs 7,94,354 crore in just five years, i.e. between 2014 and 2019.

Praful Sarda, a trader from Pune (Maharashtra) got this information through an RTI. Apart from state-owned banks, the Modi government also had the right to write off loans of private banks and foreign banks. Those who had to write off their loans included two dozen public sector, three dozen private sector, nine scheduled commercial banks and four foreign banks.

During the ten-year rule of the Congress, loans of Rs 1,58,994 crore to public sector banks and Rs 41,391 crore to private banks had to be written off. In the five years of the Modi government, public sector banks were forced to write off loans worth Rs 6,24,370 crore, private banks Rs 1,51,989 crore and foreign banks Rs 17,995 crore. Thus the NDA government had to write off more loans than the UPA government.