RBI admits loan frauds under Modi Govt three times higher than UPA-II

[kevinUsa]

n response to an RTI application, RBI admits that both the number of and the amount involved in bank frauds have spiralled in the last 4 years compared to the 5 years of UPA-II between 2009 & 2014

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NH Web Desk

Published: 25 May 2018, 7:45 PM

Engagement: 237.794 K

In response to an RTI application filed by economist and activist Prasenjit Bose, the Reserve Bank of India has now confirmed that in the last four years of the Modi Government, loan frauds have amounted to a whopping ₹55,000 crore more than in the previous five years of UPA-II under former Prime Minister Manmohan Singh.

 

Expressing his shock and dismay, Bose said, “Where are the investigating agencies? How many fraudsters have been arrested and prosecuted for their crimes? The Union Finance Ministry must be held accountable for this massive loot of money from the banks and undermining the public sector banking system.”

Not only have the number of fraud cases increased under the present regime, the amount involved in loan frauds have also grown more strikingly; it has in fact trebled. This points towards systemic corruption in sanctioning loans to large borrowers.

 

The PSBs account for 88% of the amount involved in Loan frauds.

 

Excerpt of RBI reply to RTI query on loan frauds

 

The reply from the RBI, he maintains, highlights the following:

• There were 9,193 cases of loans frauds across Nationalised, ie Public Sector Banks, Foreign Banks, Private Sector Banks, other Financial institutions and small finance banks and local area banks in the last four years (April 2014 to March 2018), involving an amount of ₹77,521 crore.
• In the previous five years (April 2009 to March 2014) there were 10,652 cases involving ₹22,441 crore.
• While the number of loan fraud cases in the four years of the Modi Government is already inching toward the five-year total under the UPA-II Government, the amount involved has gone up by ₹55,000 crore.
• Instances of loans frauds in Public Sector Banks have totalled 7,128 in the last four years, with an amount of ₹68,350 crore involved.
• In the previous five years there were 8,331 cases involving ₹19,113 crore.
• Loan frauds at Private Sector Banks total 1,927 involving ₹7,774 crore in the last four years.
• In the previous five years there were 2,005 cases involving ₹2,670 crore.

[afdb002]

[soodhilodaaram]

4 minutes ago, kevinUsa said:

n response to an RTI application, RBI admits that both the number of and the amount involved in bank frauds have spiralled in the last 4 years compared to the 5 years of UPA-II between 2009 & 2014

•  
•  
•  
•  

 

NH Web Desk

Published: 25 May 2018, 7:45 PM

Engagement: 237.794 K

In response to an RTI application filed by economist and activist Prasenjit Bose, the Reserve Bank of India has now confirmed that in the last four years of the Modi Government, loan frauds have amounted to a whopping ₹55,000 crore more than in the previous five years of UPA-II under former Prime Minister Manmohan Singh.

 

Expressing his shock and dismay, Bose said, “Where are the investigating agencies? How many fraudsters have been arrested and prosecuted for their crimes? The Union Finance Ministry must be held accountable for this massive loot of money from the banks and undermining the public sector banking system.”

Not only have the number of fraud cases increased under the present regime, the amount involved in loan frauds have also grown more strikingly; it has in fact trebled. This points towards systemic corruption in sanctioning loans to large borrowers.

 

The PSBs account for 88% of the amount involved in Loan frauds.

 

Excerpt of RBI reply to RTI query on loan frauds

 

The reply from the RBI, he maintains, highlights the following:

• There were 9,193 cases of loans frauds across Nationalised, ie Public Sector Banks, Foreign Banks, Private Sector Banks, other Financial institutions and small finance banks and local area banks in the last four years (April 2014 to March 2018), involving an amount of ₹77,521 crore.
• In the previous five years (April 2009 to March 2014) there were 10,652 cases involving ₹22,441 crore.
• While the number of loan fraud cases in the four years of the Modi Government is already inching toward the five-year total under the UPA-II Government, the amount involved has gone up by ₹55,000 crore.
• Instances of loans frauds in Public Sector Banks have totalled 7,128 in the last four years, with an amount of ₹68,350 crore involved.
• In the previous five years there were 8,331 cases involving ₹19,113 crore.
• Loan frauds at Private Sector Banks total 1,927 involving ₹7,774 crore in the last four years.
• In the previous five years there were 2,005 cases involving ₹2,670 crore.

do you think national herald (owned by gandis) will publish any truth

there is a word called cummulative, if you inherited cumulative bad loads, dont they appear bad and worst after UPA term is over

[VictoryTDP]

Nuvvu happy kada @kevinUsa 

 

[jefferson1]

Rbi is anti national , how can they publish these results when it’s Nehrus fault .

[hyperbole]

1 minute ago, soodhilodaaram said:

do you think national herald (owned by gandis) will publish any truth

there is a word called cummulative, if you inherited cumulative bad loads, dont they appear bad and worst after UPA term is over

#Yes bank. 2014 57k crore loans and by 2019 it rose to 2.37lakh crores loans.

[hyperbole]

3 minutes ago, soodhilodaaram said:

do you think national herald (owned by gandis) will publish any truth

there is a word called cummulative, if you inherited cumulative bad loads, dont they appear bad and worst after UPA term is over

Adi RBI ichina data..vadu kuda anti national aa ippudu

[kevinUsa]

7 minutes ago, VictoryTDP said:

Nuvvu happy kada @kevinUsa 

 

I want this gujju to be out

 filed an RTI to get money spent on food for trump 

on his india visit 

 

[kevinUsa]

7 minutes ago, soodhilodaaram said:

do you think national herald (owned by gandis) will publish any truth

there is a word called cummulative, if you inherited cumulative bad loads, dont they appear bad and worst after UPA term is over

THis data was given by RTI  what do I need to do with this

 why did ghandhis come here 

[kevinUsa]

7 minutes ago, jefferson1 said:

Rbi is anti national , how can they publish these results when it’s Nehrus fault .

NTE ANTE ANATE 

[hyperbole]

problem started during Congress anukundamu. Okay, but for the last 6 years NDA is ruling. What has been done to check the banking irregularities??? #Evvandikudustunnaru

[soodhilodaaram]

1 minute ago, hyperbole said:

Adi RBI ichina data..vadu kuda anti national aa ippudu

RBI ichina data question telusa

Loan Origination ane keyword miss avtunnavu, loan on books defaults after NDA started, UPA lo simply loan end date extend chesukuntu vacharu

lot of idiots think the institutions were independent in UPA, banks were totally fcuedk by Italian Mafia, what we are seeing is patching the broken system by Modi, Modi should understand patching financial system never worked, complete overhaul is needed including criminalizing managers for bad loans (in case of fraud)

[BeerBob123]

Thank you Modi 

mee want Kachara as PM

Pichakuntla Kavita as FM

[soodhilodaaram]

12 minutes ago, kevinUsa said:

I want this gujju to be out

 filed an RTI to get money spent on food for trump 

on his india visit 

 

nee bonda.. food spent on state guest cannot be explained or rationalized

you have no clue what would have happened to india if this gujju hasn't thrown the barmaid out of power

[hyperbole]

BJP and Congress are the beneficiaries of these bad loansevvadu ee party enta ichindo koopi lagite telustadi..