Just couple months back, the entire country witnessed how people like Nirav Modi and Mehul Choksi had duped the banks and fled the country. Similarly, there were many companies which had taken massive loans from different banks in India and had failed to return them even after years. These loans had turned into Non-Performing Assets (NPA) to the Banks which was literally collapsing the Banking system in the country.
Most of these loans were given during the Congress government pressurizing the bank managers and board members to reap benefits from big businessmen. But this trend ultimately became a huge headache for the economy and the banking system was almost at a stage of collapse. When PM Modi took over as Prime Minister, the first thing he did was to straighten the banking system introducing the Insolvency and Bankruptcy Code which helped the government recover huge amounts of NPA loans.Now PM Modi has been successful in doing what he said and has successfully recovered a massive 36,000 crore from Bhushan Steel. Bhushan Steel had taken a loan from banks in India years back and had failed to pay it back, which had now turned into NPA. But now, the government has been successful in recovering the entire principal amount of 36,000 crore. The liquidation value of the Bhushan Steel was around 14,000 crore, but the TATA steel company has bought it for 36,000 crores with which they have got 12% in the Bhushan steel.
If we remember, 3 months back PM Modi had made a speech in Parliament where he had quoted that the NPA mess of Congress was something bigger than all Congress scams combined. Many political analysts had suggested PM Modi to bring out white paper on the NPA scams which will reveal the real face of Congress and the mess they had created. But PM Modi had then said if he had produced white paper on NPA scams, the economy would have collapsed and foreign investors would have gone back.
PM Modi for the first time had disclosed that the total amount of NPA in the banks were not 36% as claimed by the Congress but a whopping 82% of bank loans were NPA.
PM Modi had said…“Earlier calls used to be made for facilitating loans to their people (close to those in power). Crores of money was given (through loans)…. Had I kept the facts before the nation earlier, it would have hurt the economy.” “I have remained silent for the sake of Nation, despite knowing what Congress has done, but time has come to reveal truth as banks were getting back into good health and people should know what Congress did in 10 years.”
Check the name of BHUSHAN STEEL in the list!
So, acquiring a loan amount of 36,000 crore was definitely not a simple task and PM Modi has achieved it. People have expressed appreciation for PM Modi and his government for taking up the most herculean task.Recently, the government also won a case against Vijay Mallya who also is a loan defaulter and has fled out of country. Winning the UK case, the government is now in a position to sell any of his property abroad and recover all loan amount. Surely Nirav Modi and Mehul Choksi will be soon made to pay their debts.
Source: Postcard
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