PSU bad loans: Will not spare defaulters looting our banks, says PM Modi

Zee Media Bureau

New Delhi: Prime Minister Narendra Modi has said that the government will not spare those who have been looting the banks by not repaying the huge loans borrowed by them, and deal with them appropriately.

Blaming the UPA government for PSU bad loans and accusing the previous regime for letting off Vijay Mallya, the PM said that the government has started "tightening the screws" on the loan defaulters to start paying up.

Prime Minister was addressing the election rally at Rangpara in Assam on Sunday.

As per reports, not just liquor baron Vijay Mallya who owes around Rs 7,000 crore to Indian banks, there are 5,275 wilful defaulters who owe banks around Rs 56,621 crore. according to the Credit Information Bureau (India) Ltd.

Banks have termed some defaults as ''wilfull defaults'' where the borrowers have the capacity to pay up and yet failed to do so despite leading a luxurious lifestyle.

While there are other cases which have been declared ''frauds'' by banks and the cases have been forwarded to the Central Bureau of Investigation, but has has yielded no results so far.

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