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RBI data exposes 245% increase of bank frauds during Modi rule

In response to an RTI application, RBI data exposes 245% rise in bank frauds and  that both the number of and the amount involved in bank frauds have increased drastically in the last 4 years compared to the 5 years of UPA-II between 2009 & 2014
 
There were 9,193 cases of loans frauds across Nationalised, ie Public Sector Banks, Foreign Banks, Private Sector Banks, other Financial institutions and small finance banks and local area banks in the last four years (April 2014 to March 2018), involving an amount of ₹77,521 crore.
 
Whereas during Manmohan Singh regime that is In the previous five years (April 2009 to March 2014) there were 10,652 cases involving ₹22,441 crore.
 
While the number of loan fraud cases in the four years of the Modi Government is already inching toward the five-year total under the UPA-II Government, the amount involved has gone up by ₹55,000 crore.
 
Instances of loans frauds in Public Sector Banks have totalled 7,128 in the last four years, with an amount of ₹68,350 crore involved.
 
In the previous five years there were 8,331 cases involving ₹19,113 crore.
 
Loan frauds at Private Sector Banks total 1,927 involving ₹7,774 crore in the last four years ( 2014-2018) . whereas In the previous five years ( 2009-2014) there were 2,005 cases involving ₹2,670 crore .
 
Gujarat based Nirav Modi accused of defrauding Punjab national bank of Rs 13578 crores along with his uncle Mehul Choksi in what considered as India’s biggest bank scam were allowed to escape India during BJP rule .
 
But It is sad to note that more than three lakh farmers committed suicide across the country as they could not repay for even amount less than 10,000 Rupees of loans.
 
Fugitives like Nirav Modi, Lalit Modi, Mehul Choksi, Vijay Mallya looted crores of public money and fled away to other countries but not even one has been bought back as BJP government failed to extradite the fraudsters till date
 
Instead BJP is blaming Congress that all the frauds were started in 2011 when UPA government was in power.
 
Now RTI data from RBI that is 245% increase of bank frauds during Modi rule  not only adds weightage to Opposition parties charges that only during BJP led Modi Government  bank frauds increased drastically and Business men Mallaya , Nirav modi , Lalith modi , Choksi been allowed by the Modi government to loot Indian banking system and flee but confirms Opposition parties allegation ..
Splco Editor Desk
Editor Panel of Splco Media a novel Bilingual (English & Tamil) Social Media Channel.
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