According to sources loans were provided without following due diligence and as a result, defaulters fled the country and the banks had no money to lend, Sitharaman said while referring to fugitive business barons like Vijay Mallya and Nirav Modi. Meanwhile Sitharaman had also held the portfolios of corporate affairs and finance and was the Minister of State (Independent Charge), Commerce and Industry.
As per report huge loans were provided by banks at the drop of a hat "when a phone call was made," by the powers that be, the minister said, addressing a Bharatiya Janata Party (BJP) traders’ wing meet in Chennai on Tuesday. She asked "Public and private sector banks are all facing difficulty due to this. Though policy allowed banks to provide loans, banks are not prepared to lend as they do not have money and why this happened”.
Moreover loans were provided to
"acquaintances" without any assessment, scrutiny or background check
to ascertain if the promoters could actually carry on the business and pay back
the loan and it was "crony capitalism," followed by the UPA regime. Hence
Sitharaman said the BJP led Centre has given good governance and all welfare
schemes have to be taken to the people.
IFF kick-started in Chennai Accordingly the 16th edition of the Chennai International Film Festival was kicked off in the city on Thursday with an inaugural function held at Kalaivanar Arangam. Reports added the festival will continue for a week until December 20. It is spearheaded by Indo Cine Appreciation Foundation (ICAF), CIFF is an annual event that showcases some of the best National and International films and draws a huge crowd of cinephiles, both young and old from across the state.
- Nepal Govt banned usage of Indian Currency Notes
- Banks be closed for 5 Days due to Merger
- Has Harish Rao's post given by TRS Party Supreme KCR?
- TRS party considering giving a representation to EC regarding symbol issues
- 13 Miners trapped in Coal pit yet to be rescued
- Donald Trump's son-in-law short listed for President's next chief of staff
- Rehana Fathima gets a bail and ban!
- BJP to focus on caste based votes!