Banking system went bust under 'so-called economist' PM Manmohan Singh: BJP

NEW DELHI: The BJP on Monday took on the previous Congress-led UPA government and former Prime Minister Manmohan Singh for the troubles with the banking system, including non-performing assets (NPA).

"Under the so-called economist Prime Minister Manmohan Singh, the entire banking system went haywire due to all kinds of interference with it," charged Union minister Ravi Shankar Prasad during a press conference.

"Now the stressed asset has risen to 82% out of that advances made in the UPA government. This means for more than one occasion the correct data could not make it to the records of the banks under UPA government," he said.

On the other hand, he asserted, "not a single loan given under our government is NPA."

The BJP leader also drew attention to a UPA scheme to allege a nexus between some Congress leaders and Mehul Choksi, who is one of the accused in the Rs 12,700 crore Punjab National Bank scam.

"There was a scheme 80:20 introduced in August 2013 and repealed in November 2014. On 16th May 2014, the date of the declaration of results, the-then Finance Minister gave 'aashirvaad' to 7 private companies under the 80:20 Scheme. One of those companies was Gitanjali," he charged.

He demanded to know if this "wasn't blatant favouritism, malafide intent and rampant corruption."

The minister also expressed surprise that the Congress, "which is drowned in corruption", was questioning the Rs 59,000 crore deal for 36 French Rafale fighters.

"NDA government under the leadership of PM Modi has got the best deal possible in terms of prices, weapon system and effectiveness," he said.

"It (Congress) couldn't execute Rafale deal for 10 years."

Prasad took exception to "Congress's campaign of politics of confusion, fear, concoction."

"Let Congress party continue to spread lies, BJP will expose them; let Congress party spread fear, BJP will inspire people to become fearless," he said.

(With inputs from agencies)