PM Modi calls NPA bigger scam than commonwealth, 2G, says govt working save people's money in banks

Prime Minister Narendra Modi Wednesday assured people that their money in banks was safe amid reports that the government was bringing in a law that would dive into depositors' money to save failing banks.

"Rumours are being spread that bank deposits of people are under threat because of Financial Resolution and Deposit Insurance (FRDI) Bill. I want to assure people that their money is safe. And we are taking more steps each day to make sure they stay safe. Nation can be secured only when banks and depositors are secured," he said addressing Ficci's 90th annual general meeting here and sought industry' help to make people aware about the government policies.

The Prime Minister said his government was trying to strengthen the banking system by policy initiatives on a daily basis, attacking the previous UPA government for leaving the banks in a mess with the highest ever non-performing assets (NPAs).

"The NPA is the biggest scam of the previous government. This is bigger than the Commonwealth, 2G and coal scams. NPAs are the biggest liability transferred to us by the economists of the previous regime," he said asking Ficci on why it did not draw attention of the then government through any survey or a study.

Earlier governments forced banks to give loans to only a few industrialists, the Prime Minister said adding this was how they crippled the banking system.

"We are trying to change the 70-year-old system," the PM said, adding his government was trying to bring in transparency in the system which was lacking in the previous government.

Modi said the hopes and aspirations of people today were to rid the country from internal problems like corruption and black money. He said political parties and chambers of industry should keep in mind the country's requirements and the feelings of the people, and work accordingly.

Speaking on the government's flagship Jandhan Yojana, the Prime Minister said that it gave him immense pleasure to know that more than 30 crore poor people have opened account under this scheme.

These are the people who earlier faced hardships and virtually fought with the system to get small things like done like opening bank accounts or getting cooking gas connections.

"My government is working tirelessly to stop this unending fight of the common man with the system (bureaucracy)," Modi said.

Virtually counting achievements of his government in the last three years, he said 87 important reforms in various sectors including in defence, financial sector and food processing have been taken up, more than 3 crore women have been given free cooking gas LPG connection and under the Mudra scheme, over Rs 4 lakh crore guarantee-less loans have been given to about 9.75 lakh youth in the last three years.

This, he said, has led 3 crore new entrepreneurs being created.

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