Vijay Mallya got not even a rupee benefit under Modi govt: FM Jaitley | india-news | Hindustan Times
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Vijay Mallya got not even a rupee benefit under Modi govt: FM Jaitley

Replying to a debate on budget in Lok Sabha, FM Arun Jaitley blamed the previous UPA dispensation for the massive non-performing assets (NPAs) of the banks, saying lending of “indiscriminate” loans to select people and industries during that period was the root cause of the problem.

india Updated: Feb 17, 2017 20:15 IST
Union minister for finance Arun Jaitley said the loans to Vijay Mallya were given not during the Modi government but during the UPA government.
Union minister for finance Arun Jaitley said the loans to Vijay Mallya were given not during the Modi government but during the UPA government.(Sushil Kumar/HT File Photo)

The loans to Vijay Mallya were reportedly given during the previous UPA rule through intervention of then finance ministry, the finance minister said on Thursday, highlighting that not even “a rupee benefit” was given to the businessman under the Narendra Modi government.

Replying to a debate on budget in Lok Sabha, FM Arun Jaitley blamed the previous UPA dispensation for the massive non-performing assets (NPAs) of the banks, saying lending of “indiscriminate” loans to select people and industries during that period was the root cause of the problem.

“Aapke dwara kiye gaye karmon ka byaj hum de rahe hain (we are paying for your misdeeds),” he said.

In an obvious reference to Rahul Gandhi’s allegations that the current government had given a benefit of Rs 1,200 crore to Vijay Mallya, Jaitley insisted that not a rupee benefit was given to the businessman by any bank since the NDA came to power in May 26, 2014.

As per the official figure, gross NPAs of public sector banks rose to Rs 6,30,323 crore by September 2016.

“The percentage (of NPAs) has not been increased because we have started giving much higher unaccountable loans. Most of these are loans given during 2007-08-09 period when the boom period of the economy was there,” he said.

“Your allegation is that your sins have not been corrected and reversed by us. This cannot be a charge on us,” said the finance minister.

Jaitley said disproportionate loans were given by the UPA to certain industries and that they were not farmers.

Documents which have come out say that loans were given through intervention of the North Block and the concerned bank officials were having to pay for it now, he said, in an apparent reference to cases being filed against some bank officials in connection with Mallya case.

“These were not to small people. It was to big companies. It was your legacy, it was your contribution. Our misfortune is that every year the interest goes up and so it becomes 5.1% from 4.1% and then becomes 6.1,” he said, adding the NDA was paying “interest” on UPA’s work.