| Author | Message | ||
Pavala Legend Username: Pavala Post Number: 30249 Registered: 02-2008 Posted From: 165.225.64.65 Rating: |
nuvvu digulu padaku....Bob elli lango lo dhurui next time congress ni malli power loki thechi manalni save chesthaad....em chesinaa raashtram kosamey..... yevadi tho bumchik chesinaa raashtra abhivrudhi kosamey... Mahesh performance lo 10% kooda Chiru cheyyaledu.... - New_user Spyder - Critically acclaimed disaster - New_user | ||
Kondaveti Side Hero Username: Kondaveti Post Number: 3333 Registered: 08-2008 Posted From: 185.197.55.21 Rating: |
https://www.firstpost.com/business/raghuram-rajan-note-to-pa rliamentary-panel-congress-blaming-modi-for-npa-mess-is-bunk um-it-condemns-upa-era-mistakes-5168561.html Looking beyond the political optics of it, the Rajan letter is a clear-cut condemnation of the UPA-era mistakes that created one of the biggest bad loan mess in the country, when, in Rajan’s own words, banks chased promoters “waving cheque books, asking him to name the amount he wanted”. That’s where the problem began, slowly evolved to an accepted systemic ill that no one (including regulators) dared to question for long. The very concept of professional accountability was laughed at and the problem finally returned to haunt the very banks with hellish might. Looking at the facts, there is a big irony in the Congress blaming Prime Minister Narendra Modi for the NPA mess and inaction over corporate loan fraud alert because it was during UPA I and II that all the alleged fraudsters were welcomed wholeheartedly with the blessings of the political leadership and went to on do business, be it Vijay Mallya, Nirav Modi or Mehul Choksi or anyone else. That none of them could be caught so far and dragged into Indian jails even after the Modi-government came into power is no exoneration for the Congress and UPA to pass the buck shamelessly to the NDA; at least not on this issue. File image of Raghuram Rajan. PTI. File image of Raghuram Rajan. PTI. As Rajan said, the seeds of the present bad loan crisis were planted between 2006-08, when the UPA functioning led to increased NPAs in India's banking structure. In fact, the analogy Modi used once, 'phone banking' is apt to describe this era. It was not uncommon in those days for banks to get calls from North Block and the aides of other political bosses -- be it big or small, directing banks to give loans to a specific promoter or group. The banking system, with 70 percent of the assets under government control, had to religiously follow the unofficially official diktats both during UPA I and II and give away the money. This led to banks being infected with the NPA illness' to its present critical state, all under the watch of the Congress government. The Congress could have corrected the problem, but no one acted because state-run banks were deemed to be piggy banks of politicians. Some bankers received kickbacks ranging from something as small as a watch or a gold ornament to a few who got promises of post-retirement berths. |
