CP of India, Modi Must Explain His Inaction on High-Profile Bank Defaulters: CPI

9/12/18 6:58 PM
  • India, Communist Party of India En Asia Communist and workers' parties


The National Secretariat of the Communist Party of India issued the following statement on September 12, 2018 on former RBI governor Raghuram Rajan’s revelations on Modi’s inaction over high-profile bank defaulters:

The National Secretariat of the Communist Party of India notes with great dismay and anguish that the Prime Minister’s Office (PMO) of the RSS-controlled BJP government led by Narendra Modi has been protecting the high-profile defaulters of huge bank loans which resulted in unheard of non-performing assets (NPAs) under Modi.

The shocking revelation in this regard was made by former RBI governor Raghuram Rajan in his detailed response to a parliamentary panel’s query about increasing bad loans which accused the PMO of sitting on a list of high-profile defaulters. The former governor made it clear: “RBI set up a fraud monitoring cell to coordinate the early reporting of fraud cases to the investigative agencies.  I also sent a list of high-profile cases to the PMO urging that we coordinate action to bring at least one or two to book.”

The latest revelations demand that Nripendra Mishra, principal secretary to the prime minister, and finance secretary Hasmukh Adhia explain why no action was taken on Rajan’s fraud list and under whose directive the action was deferred to.

Rajan also made it clear that the slowdown under Modi “was best attributed to over-burdened public sector bank balance sheets and growing risk aversion in public sector bankers.”

The Party urges the prime minister to come out in public and explain the reasons behind his inaction, whom he was trying to protect and how much was the loss to the Indian economy because of his inaction.

The party appeals to all sections of people to be vigilant on Modi and his government who can go to any extent at the cost of the interests of the country and of the people to cling on to power.



Office Secretary