PM Modi attacks UPA government, big industry for banking sector crisis

  |   India News

Prime Minister Narendra Modi on Wednesday accused the Congress-led UPA government and big industry for the banking sector crisis, even as he demanded to know if institutions like FICCI had raised their voice against the wrong-doings of the previous regime.

"When some in the government pressured the banks to give loans to a select few industrialists, where were organisations like FICCI then?

Everybody knew what was happening was wrong," PM Modi said in his address at FICCI's 90th Annual General meeting in New Delhi.

"Bank loans to select industrialists was loot of public money under UPA; it is a scam bigger than Commonwealth, 2G, coal scams," he charged.

PM Modi also hit out at the Congress government for the problem of Non Performing Assets, calling them the "biggest liability" handed over to his government.

He also attacked the previous Congress governments of the country for creating a system that was biased against the poor, while promising to rehaul the structure and make it "transparent" and "sensitive."

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