PM Modi assured action against 12 biggest loan defaulters , will recover every penny

PM  Modi  assured action against 12 biggest loan defaulters , will recover every penny

Courtesy : Agencies02/09/2018 22:54

PM Narendra Modi on Saturday assured action against 12 biggest loan defaulters while he emphasised that none of the big loans were given during the NDA regime. 

"Action is being taken against 12 biggest defaulters who were given loans before 2014. Not a single big defaulter was given loan by NDA government," Modi said while speaking at the launch of India Post Payments Bank (IPPB) in Delhi.

In a scathing attack on the congress, Modi said, "Phone banking by Congress hurt the economy, banks lent crores of rupees to businessmen on just one call. 4-5 years back, the majority of funds with banks was reserved only for those close to one family. Whoever wanted a loan would arrange a call from 'naamdaar' (dynasts)." Every penny of loans given at the behest of 'naamdaar' will be recovered, the Prime Minister said.

Modi launched the payments bank of Indian postal department that will take banking to the doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and 'Grameen Dak Sewaks'

India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk. It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.

The government owns 100% in IPPB, which has been set up under the aegis of the Department of Posts, and will offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response.

IPPB will leverage tech platforms. It will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle transactions.

It will offer 4% interest rate on savings accounts. IPPB has teamed up with financial services providers like PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance.

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