Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
LATEST NEWS UPDATES | Bank depositors' interests will be protected, assures PM

Bank depositors' interests will be protected, assures PM

Share this article Share this article
published Published on Dec 14, 2017   modified Modified on Dec 14, 2017
-The Hindu Business Line

Blames UPA for NPA mess; says industry bodies should have been more vigilant

New Delhi:
Prime Minister Narendra Modi did not mince words when he addressed industry captains at the 90th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry here on Wednesday.

In a speech that lasted slightly over 45 minutes, Modi put to rest all concerns pertaining to use of individuals deposits for bailing out banks. Dismissing rumours about the Financial Regulation and Deposit Insurance (FRDI) Bill, he said that the government will protect the interests of the account holders. He said that the government is committed to strengthening the banking framework of the country.

The government has come under fire after sections of the Opposition had alleged that the FRDI Bill allowed banks to bail out errant borrowers at the cost of depositors.

Stating that the burden of non performing assets (NPAs) is the biggest scam of the United Progressive Alliance led government, he said, “The NPAs are the biggest liability passed on to the current government by the UPA. The banks were pressurised to give loans to select large entrepreneurs during the previous government. This is the biggest scam of the previous government that had overseen the 2G and CWG scams.”

On the NPA issue, Modi also rapped the industry’s knuckles, saying industry bodies such as FICCI should have been more vigilant in highlighting the discrepancies.

He said, “Has there been any study by FICCI like industry bodies on the mismanagement of banks by the UPA?”

Modi also trained his guns on the real estate sector, saying industry bodies should have highlighted the malpractices of real estate companies too. He said, “The RERA laws have been introduced by this government, what was preventing the previous one from doing the same?”

GST issue

The Prime Minister also said that it is the responsibility of industry bodies to ensure that benefits of price reduction after the Goods and Services Tax roll out are passed through.

He said, “Those on social media may have seen that restaurants are hiking their product rates after the GST rate was lowered. This defeats the purpose of the GST and industry bodies should be more vigilant.”

Please click here to read more.

The Hindu Business Line, 13 December, 2017, http://www.thehindubusinessline.com/money-and-banking/bank-depositors-interests-will-be-protected-assures-pm/article9992517.ece?homepage=true


Related Articles

 

Write Comments

Your email address will not be published. Required fields are marked *

*

Video Archives

Archives

share on Facebook
Twitter
RSS
Feedback
Read Later

Contact Form

Please enter security code
      Close