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'Phone banking by Congress hurt economy, every penny of loans will be recovered': PM Modi after launching India Post Payments Bank

Referring to the impressive 8.2% GDP growth registered during Q1 of 2018-19, the prime minister said that it showed the growing power of Indian economy, adding it reflected the bright picture of new India.

Edited by: India TV News Desk, New Delhi [ Updated: September 01, 2018 19:55 IST ]
Image Source : PTI

PM Modi launches IPPB in New Delhi

Prime Minister Narendra Modi on Saturday alleged that the phone banking by the Congress has hurt the Indian economy.

PM Modi claimed that the banks lent crores of rupees to businessmen on just one call during the Congress regime.

However, the prime minister made it clear that every penny of loans given at the behest of 'namdars' (dynasts) will be recovered.

PM Modi made these remarks after launching India Post Payments Bank (IPPB) in New Delhi.

The IPPB will have 650 branches and 3250 Access Points across the country. 

All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31.

Claiming that under NDA govt, not a a single big loan defaulter was given loan, the prime minister alleged that the UPA regime, in its last 6 years, gave out twice the amount of loan given since independence.

"From independence to 2008, Indian banks gave out Rs 18 lakh crore as loans. In next six years, the amount touched Rs 52 lakh crore," PM Modi​ said.

" Phone banking by Congress has hurt economy, banks lent crores of rupees to businessmen on just one call. Even when our country had no facility of phone banking, the namdars made phone calls for giving loans. Whichever industrialist wanted loan, used to get phone calls made by the naamdars," he added.

Accusing the previous UPA government of hiding the extent of NPAs, PM Modi said "Congress had put the economy on a landmine."

Since coming to power in 2014, the NDA government has analysed the enormity of the situation and asked banks to strictly recover dues, he said.

"Our government brought out the true picture of NPAs and the scam of the previous government," he added.

The prime minister further said that during the last four years, all loans in excess of Rs 50 crore have been reviewed and ensured that terms are strictly complied with.

He also pointed out that 12 of the biggest loan defaulters have an outstanding of Rs 1.75 lakh crore with another 27 having Rs 1 lakh crore.

"We never gave any loans to any of the 12 big defaulters," he said. 

Referring to the impressive 8.2% GDP growth registered during Q1 of 2018-19, the prime minister said that it showed the growing power of Indian economy, adding it brought out the bright picture of  new India.

Referring to the India Post Payments Bank, the prime minister said that it will be beneficial for farmers as it will boost schemes like Pradhan Mantri Fasal Bima Yojana. 

"After IPPB launch, the claimed amount of schemes can be received while sitting at home," PM Modi said.

"IPPB will revolutionise banking and digital payments. Along with letters, the postman will now bring the bank to doorstep of every Indian," he added.

The prime minister said that through India Post Payments Bank (IPPB), the govt will reach to every nook and corner of the country. 

"Bank and banking services will be available at every person's doorstep," he said.

Watch: PM Modi Launches India Post Payments Bank

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