Bank frauds on the rise under Modi government, says Congress

1st June,2021

Bank frauds on the rise under Modi government, says Congress

The Congress on Monday claimed that financial cheats have ascended under the Modi government and blamed it for permitting the fraudsters to either keep working in the country or leave.Citing a Reserve Bank of India (RBI) report, Congress representative Gourav Vallabh affirmed that there have been bank fakes to the tune of Rs 5 lakh crore.

"The Modi government has debilitated the financial framework by permitting the fraudsters to either keep working in the country or leave the country without putting forth any attempts to recuperate the extortion sums. It has additionally not offered sufficient capital help to the banks.The Congress party encourages that the Modi government handles these fraudsters with an iron clench hand and ensure that the whole sum, that has a place with our country, be recuperated quickly," he told columnists.

Vallabh said the Reserve Bank of India (RBI) yearly report for 2020-21 calls attention to certain disturbing insights and claimed that the disappointment of the Modi government in controlling contaminations because of the second influx of Covid-19 is scratching a hefty blow again to the economy.

He said, "The March 2021 round of the Reserve Bank's customer certainty overview (CCS) showed a demolishing purchaser assumption on the rear of decaying feelings on broad monetary circumstance, pay and costs."

On bank cheats, he said, the RBI report says the cases and sum has been on a quick ascent since 2014-15."In the year 2020-21 alone, the aggregate sum of misrepresentation was Rs 1.38 lakh crore," he said.

The absolute misrepresentation sum has been expanding since 2014-15 and expanded at a Compound Annual Growth Rate (CAGR) of 57% up to 2019-20, he said, adding that for the year 2020-21, when advance ban was in actuality till August 31, 2020 and rebuilding drives were essentially for until December 31, 2020, the extortion sum for the whole year was still Rs 1,38,422 crore, Vallabh said.

"Over the most recent 3 years, the normal misrepresentation sum expanded from Rs 10.5 crore in 2018-19 to Rs 21.3 crore in 2019-20 to Rs 18.8 crore in 2020-21. The normal extortion sum was Rs 4.2 crore in 2014-15. Thus, the normal misrepresentation sum has gotten 4 to multiple times under Modi 1.0 and Modi 2.0," he asserted.

The Congress chief asserted that the subtleties given by RBI feature a glaring reality on both the extortion and the condition of the economy and it plainly vindicates the way that the Modi government is all discussion and no activity, like all its survey guarantees.

"Why has the public authority neglected to check the bank cheats over the most recent 7 years? How is the public authority doing recuperate the sum associated with these bank fakes? How much sum has been gathered from these fraudsters who are debilitating our financial framework," he inquired.