New Delhi [India]: Congress MP Randeep Surjewala on Tuesday, citing the answer from the government on the recovery of loans in the Rajya Sabha, said that loans of more than Rs 9.9 lakh cr have been written off in the past five years, with a recovery of just Rs 1.8 lakh crore.
Modi ji’s “tempo service” to select crony friends has no bounds!
— Randeep Singh Surjewala (@rssurjewala) August 6, 2024
The loan write-offs to selected cronies is an annual affair of the Modi Govt, with little recovery.
In the past 5 years alone, loans more than ₹9.9 Lakh Cr (₹990,223 Lakh Cr) have been written off, with a… pic.twitter.com/0pUWfi7sAi
In a post on X, Surjewala said, “Modi ji’s “tempo service” to select crony friends has no bounds! The loan write-offs to selected cronies is an annual affair of the Modi Government, with little recovery.”
“In the past 5 years alone, loans more than Rs 9.9 Lakh Cr (Rs990,223 Lakh Cr) have been written off, with a recovery of a pittance of just 1.8 Lakh Cr (Rs 183,978 Lakh Cr) — this means out of every Rs 100, the Govt could recover only Rs 18 from the loan defaulters and Rs 82 is lost down the drain!” he added.
He added that it also volumes of how an inept, incompetent and inefficient Modi government has been wreaking havoc in the economy!
Congress MP Surjewala, today asked questions in Rajya Sabha about the aggregate value of Non-Performing Assets held by Scheduled Commercial Banks over the past five years, year-wise and the factors contributing to the notable rise in NPAs despite fiscal reforms.
He also questioned the government over the total value of NPAs that were written off during the last five years and the actions taken to recover funds and the actual amounts reclaimed by SCBs from previously written-off accounts over the past five years.
According to a written answer by the Union Minister of State from Finance, Pankaj Choudhary, it stated that in 2019-20, written-off loans were Rs 2,34,170 crores while the recovery in written-off accounts was Rs 30,016 crores.
Similarly, in 2023-24, Written-off loans were Rs 1,70,260 crores and recovery in written-off accounts was Rs 44,893 crores.