PC asks what prevented NDA from recalling bad loans

Senior Congress leader P Chidamabaram on Sunday asked why did the NDA not recall bad loans and why were they renewed if they had gone bad.

This comes a day after Prime Minister Narendra Modi used the “naamdaar" (dynasts) analogy to describe the Congress leadership which did not reveal the true nature of loans sanctioned to big businesses which turned bad.

Modi had claimed that a special tradition of phone banking existed during the UPA regime and any big businessman wanting a loan could have made the “dynasts” call the bank.

“Let's assume that PM is right when he says that loans given under UPA have turned bad. How many of those loans were renewed or rolled over (that is 'evergreened') under NDA?, " Chidamabaram said.

“Why were those loans not recalled? Why were those loans evergreened?,” Chidambaram asked, a day after Modi's scathing attack on UPA government accusing it of leaving the Indian economy on a “landmine”.

Modi had said that the proportion of bad loans had actually reached the level of Rs 9 lakh crore but the then UPA government “lied to people” and hid the actual amount.

" It (UPA) kept on saying the bad loans were only to the tune of Rs 2.5 lakh crore, " Modi had said.

“How many loans and how much that were given after May 2014 have become non-performing assets?,” the former finance minister asked in a series of tweets and also accused the government of not answering his questions which were earlier asked in Parliament too.

“This question was asked in Parliament but there is no answer so far,” he said.