Twitter was taken by storm with multiple retweets and comments after Mr. Raghuram Rajan tweeted his stand on NPA’s (Non- performing Assets). Raghuram Rajan was the governor of RBI for 3 years till 2016.
He has blamed the UPA government for the NPA mess which caused some chaos in the banking system. According to him, delay in decision making by the UPA government was the reason for increasing NPA’s.
He said that he sent a list to Mr. Narendra Modi but he took no action, maybe it didn’t ring any bells with him. This disclosure was made by him in the 17 pages reply to the estimates committee of the parliament. His efforts to identify NPA’s and resolve this issue have been praised by Chief Economic Advisor, Arvind Subramanian. According to the reporting year, 2006-2008 saw the growth in bad loans and there was a rise in NPA’s.
He said that to stop NPA’s from growing the governance of public sector banks must be improved. The project must be evaluated and monitored properly to control non-performing assets.
A heads up is given by Raghuram Rajan regarding the Kisan Credit Cards as well as MUDRA loans. He says that both must be examined closely for any potential credit risk. He also said that credit guarantee scheme for MSME, run by SIDBI must be examined immediately as it is a growing liability.
Of course, this has gotten mixed reviews from many people including normal people as well as some ministers and public figures.
Here is what Twitter has to say, have a look-
Raghuram Rajan blames Congress & its Scams for bad loans. Time for.. Congress to cancel his Secularism certificate, Kejriwal to cancel his Honesty certificate, liberals to issue him ‘Hindutva-wadi force’ certificate, and @SardesaiRajdeep ji to find Raghuram’s involvement in 2002.
— Paresh Rawal (@Babu_Bhaiyaa) September 11, 2018
Raghuram Rajan had written to PMO seeking coordinated inquiry of alleged fraud in many big corporate loan accounts. He has submitted this to Dr.Murlimanohar Joshi who heads a Parliamentary Committee inquiring into NPAs. The Wire will give full report on this today
— M K Venu (@mkvenu1) September 11, 2018
Raghuram Rajan has had a sudden hriday parivartan, and blames ‘incompetent or corrupt’ banks and UPA scams for 34 lakh crore bad loans.
— गीतिका (@ggiittiikkaa) September 11, 2018
The Congress was exposed yesterday. Raghuram Rajan’s statement clearly proves that it is Congress who is responsible for increased NPA. Rahul Gandhi, Priyanka Vadra & Sonia Gandhi wanted to sabotage the taxpayer’s money: Union Minister Smriti Irani pic.twitter.com/txfa5wTkeb
— ANI (@ANI) September 11, 2018
Oops! Will he no longer be Congress’ blue-eyed boy anymore? https://t.co/Hqs7yaoVEG
— Nupur (@UnSubtleDesi) September 11, 2018
— India Today (@IndiaToday) September 11, 2018
Dear bhakts, at no point did Raghuram Rajan blame the UPA for any mess. On the contrary he wrote to the Parliamentary committee headed by Murli Manohar Joshi on the banking sector . If anyone is to blame for the NPA mess , it squarely is this present goverment ..
— Tehseen Poonawalla (@tehseenp) September 11, 2018
Why I’m being blamed for the PNB #scams now ??? ”
~ Raghuram Rajan
Ex Governer, RBI
— Raj Kumar Rai (@rajkrrai) September 11, 2018
In Raghuram Rajan’s note 3 points stand out
1) A list of dubious defaulters was given to PMO for action , fate of which is a mystery
2) NDA govt’s policy paralysis & slow decision making with regard to the power sector a/c’s that has now become NPA
3)Questionable MUDRA loans
— Sid (@sidmtweets) September 11, 2018
Raghuram Rajan pointed fingers straight at #Congress party, claiming that he had sent a list of high profile #NPA cases to then Manmohan Singh led PMO, urging it to take action. He accused UPA Govt of inaction.
He won’t any longer be the Darling of the Cabal. ?#RaghuramRajan
— Jagrati Shukla (@JagratiShukla29) September 11, 2018
Raghuram Rajan,appointed RBI governor by UPA confirms massive scams to have taken place under Dr Manmohan Singh’s. He says that once NPAs had begun to cascade,scams such as Coalgate& others slowed down govt decision-making
Y will he admit that he was hands in glove with Italian?
— Ritu Rathaur (सत्यसाधक) (@RituRathaur) September 11, 2018
Shobha De kept waiting for Raghuram Rajan to drop the towel. He did, but the one that covered MMS.
— Arundhati Ratty (@YearOfRat) September 11, 2018
So Raghuram Rajan claims Manmohanisation…
Quite something what Sonia Gandhi reduced these men to ….
— Nandini (@_NAN_DINI) September 11, 2018
Raghuram Rajan in 17 page note says he gave list high profile NPA offenders to PMO but no action was taken. Interesting ?
— Navroop Singh (@s_navroop) September 11, 2018