Prime Minister Narendra Modi blamed previous Government for Non-performing Assets (NPA) mess in the country. PM Modi launched a scathing attack against Congress in his speech on the motion of thanks to the President's address on Wednesday.
PM Modi said, " The workings of our previous Government are responsible for the NPA mess. They are 100% responsible and nobody else. The banking policies of the previous Governments were not proper. Middlemen were happy, the country was suffering.'
A nonperforming asset (NPA) refers to a classification for loans on the books of financial institutions that are in default or are in arrears on scheduled payments of principal or interest. In most cases, debt is classified as nonperforming when loan payments have not been made for a period of 90 days.
Last month, a report titled "ARCs headed for a structural shift, stated that gross non-performing assets (NPA) in Indian banks are expected to rise to Rs 9.5 lakh crore by March, from Rs 8 lakh crore in March last year. The ASSOCHAM-Crisil joint study stated that stressed assets in March 2018 are expected to be at Rs 11.5 lakh crore.
A quick look at how Bank NPA was the biggest scam unleashed by UPA, which Modi govt is fixing... Read what RBI had to say about the reckless political lendings done under UPA. #ModiHitsBack pic.twitter.com/QxhTqK0eq2— Amit Malviya (@malviyamit) February 7, 2018
In a veiled attack against conviction of RJD leader Lalu Prasad Yadav, PM Modi said, " I know the Government's efforts to eliminate corruption and black money are hurting a select group of people. Today, people who served as Chief Ministers are in jail. However powerful one was, if one has been corrupt, that person will be punished. We are in an era of honesty."