December 22, 2024 02:03 (IST)
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‘Seeds’ of the NPA crisis sown during UPA regime, IBC addressed the issue effectively: Sitharaman

‘Seeds’ of the NPA crisis sown during UPA regime, IBC addressed the issue effectively: Sitharaman

May 31, 2024, at 10:55 pm

New Delhi: The ‘seeds’ of the NPA crisis were sown during the Congress-led UPA era through ‘phone banking’, when loans were given to undeserving businesses under pressure from UPA leaders and party functionaries. Banks were forced to neglect proper due diligence and risk assessment before sanctioning these loans, Finance Minister Nirmala Sitharaman said on X.