Prime Minister Narendra Modi on Saturday launched a blistering attack on opposition party, Congress, saying that they left the economy on a ‘landmine’ by giving indiscriminate loans to selected businessmen after the phone calls were made by the ‘naamdars’.
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He blamed ‘phone-a-loan’ scam of the previous UPA regime where money was lent by banks to selected rich businessmen. Following the remark by PM Modi, former Finance Minister P Chidambaram took a jibe at him by saying “How many loans and how much was given after May 2014 have become non-performing assets?”
How many loans and how much that were given after May 2014 have become non-performing assets?
— P. Chidambaram (@PChidambaram_IN) September 2, 2018
Let’s assume that PM is right when he says that loans given under UPA have turned bad. How many of those loans were renewed or rolled over (that is ‘evergreened’) under NDA?
— P. Chidambaram (@PChidambaram_IN) September 2, 2018
Why were those loans not recalled? Why were those loans evergreened?
— P. Chidambaram (@PChidambaram_IN) September 2, 2018
“Knowing fully well that loans will not be paid back, banks lent money on orders of a family to a few,” PM Modi had said adding the lenders were forced to restructure the debt when the borrowers defaulted.