Modi silent on Rs 10.5 Lakh Crore Loot
It has been officially announced, about ten months back, that the Indian Banks had written-off Rs. 10.5 lakh Crore as Non-performing Assets (NPAs), representing the loans taken by big businessmen and industrial houses.
By P.A Ramarao
Hyderabad: It has been officially announced, about ten months back, that the Indian Banks had written-off Rs. 10.5 lakh Crore as Non-performing Assets (NPAs), representing the loans taken by big businessmen and industrial houses.
It is a known fact that most of them are “wilful defaulters and they are enjoying luxurious life without the least worry, while the Reserve Bank of India (RBI) and the Government of India remained helpless.
Prime Minister Narendra Modi speaks eloquent about ending corruption, ensuring justice to all, dealing sternly against criminals, ethical and moral values, welfare of the poor and what not. Ironically enough, he never talks about the great loot of the Banks.
One fails to understand why the PM never directs the RBI, Banks concerned and other relevant agencies to take stringent action against the wilful defaulters and recover the money which belongs to the people of the country. This factor gives raise to many speculations and suspicions about his loud declarations.
Sometime back, one post went viral on the social media, listing the names of 28 persons, who have allegedly swallowed huge amounts of Bank funds–wilful defaulters. The post said there is something special about the big wigs, who looted the Banks. “Not one of them is a Pakistani and none is a Muslim. None of them is a Khalistani or a Sikh.
Not one of them is a farmer or a worker. Not one of them is from Haryana, Punjab, UP or Rajasthan. With the only exception of Vijay Mallya, all the other 27 are from Gujarat” (the State to which Prime Minister Narendra Modi belongs), the post said. The names mentioned in it included Vijay Mallya, Neerav Modi, Nishad Modi, Mohul Choksi, Lalith Modi and Umesh Parikh.
Commenting on the post, one netizen made a cryptic remark: “people of the country should at least realise now. Staunch pro-BJP persons won’t appreciate or assimilate this truth”.
Apex Court Only Hope
What astonishing is the failure of the Bank employees and officers’ federations, the Opposition parties, the consumer rights organisations, and other people’s bodies to raise their voice over this very vital issue and demand for effective steps to recover the amounts. It may be recalled that in 2005, when the Non-performing Assets mounted to Rs one lakh crore, all the nine Trade Union organizations in the Banking industry had launched a nation-wide prolonged agitation, including march to Parliament, demanding that wilful default should be treated as criminal offence and that the properties of all the directors of defaulting companies should be attached. The AITUC had also carried on an agitation in support of the Bank staff.
Now that the Bank staff, Opposition parties and other organisations are keeping mum on the issue, the only hope appears to be the Supreme Court of India. It would be proper for the Apex court to take note of the matter and issue direction to the RBI and Government of India to take immediate and stringent action to recover the looted funds.
