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Raghuram Rajan Had Sent A List Of High Profile NPA Frauds Cases. But Modi Govt Took No Action.

The estimates committee of Parliament, under the chairmanship of Murli Manohar Joshi, had sought Rajan’s views on India’s NPA crisis.

The Narendra Modi government at the Centre did not take any action against loan defaulters even after former Reserve Bank of India (RBI) Governor had sent a list of high profile fraud cases of non-performing assets to the Prime Minister’s Office as well as the Ministry of Finance for a coordinated investigation, The Wire reported.

The estimates committee of Parliament, under the chairmanship of Murli Manohar Joshi, had sought Rajan’s views on India’s NPA crisis. Rajan wrote a 17-page disclosure underlining that he had pointed out how the over-invoicing of imports by “unscrupulous promoters” was used to inflate the cost of capital equipment.

Also read: Parliamentary Panel Questions RBI On Failure To Take Preemptive Action Against Bad Loans

Rajan wrote, “The RBI set up a fraud monitoring cell when I was Governor 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.

That PM Modi and Finance Minister Arun Jaitley ignored Rajan’s list highlights their seriousness (or lack of it) towards dealing the NPA crisis.

Also read: Then: Hang Me If Demonetisation Proved To Be Failure, Said Modi. Now: Demonetisation Was A Disaster, Suggests RBI Report

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