Bank loans

Modi government canceled bank loans worth Rs 10 lakh crore by offering waivers to ‘friends’: Mallikarjun Kharge

On Saturday, top Congress leader Mallikarjun Kharge denounced the BJP government, alleging that the “suit-boot sarkar” canceled loans worth Rs 10 lakh crore by offering waivers to “friends ” on a platter.

“From 2017-18, this Suit-boot government canceled a loan worth 10 lakh crore, causing public sector banks to suffer a loss of over 7 lakh crore,” Kharge said on Twitter.

“Modi ji’s reverse robinhood government policy: taxing heavily and plundering the middle class. – Offering loan waivers to friends on a platter,” he added.

The Opposition Leader in Rajya Sabha also shared a written response to a question he asked in the House about the amount of bank loans that have been canceled over the past five years.

According to the answer to the starless question, given by Minister of State for Finance Bhagwat Karad, “According to the Reserve Bank of India (RBI) on the details of Non-Performing Assets (NPAs) written off by Regular Commercial Banks (SCBs) in 2017-18 was Rs 1.61 lakh crore, in 2018-19 was Rs 2.36 lakh crore, in 2019-20 Rs 2.34 lakh crore, in 2020-21 Rs 1.57 lakh crore.