National

By Forcing LIC To Buy IDBI Bank, Modi Govt Jeopardising 38 Crore Depositors: Randeep Surjewala

SHAHNAWAZ | 0
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| June 25 , 2018 , 18:54 IST

The Congress party on Monday hit out at PM Narendra Modi and the NDA Government over the rising banking scams. In a press conference held at the party headquarters, Congress party’s communications Incharge Randeep Surjewala said that while bank loot scams were on the rise, Modi government did not care anymore.

Surjewala accused the government of not taking any action against Faridabad based SRS group, which allegedly did a scam of Rs 7,000 crores.

“Criminal conspiracy and fraud by Faridabad-based Company SRS GROUP, has resulted in 113 cases registered against them. Whistleblowers have presented a list of 251 shell companies were used for money laundering. Despite complaints, no government agency, including PMO, has taken action against this group”, he said.

Surjewala questioned the move of the government and said the decision of the government forcing LIC to buy IDBI bank was jeopardizing the life earnings of 38 crore depositors.

“IDBI Bank is the worst performing public sector Bank whose Q4 losses have swollen to Rs 5,663 Cr and gross NPA’s to a whopping Rs 55,588.26 Cr. It has a bad loans ratio of close to 28%. This basically means that Rs 28 out every Rs 100 the bank has given out as a loan hasn't been repaid for 90 days or more. “ Surjewala said.

“To cover up its mess, Modi Govt is now jeopardizing the hard earned money of 38 Cr LIC policy holders by forcing it to purchase the rapidly sinking IDBI Bank, instead of investing money in Bank recapitalization.” He added.

Surjewala accused the Government of hiding the economic mayhem of failed ‘Modinomics - Jaitleynomics’ by selling the ‘family silver’ of 38 crore LIC policyholders.