Union Home Minister Rajnath Singh said that people who had fled the country without repaying bank loans would be brought back to India and forced to repay their loans as this government was committed to end bank frauds.
Addressing the centenary celebration of Northern Railway Multi-state Primary Co-operative Bank Limited here on Friday, Singh said that the Union government had acted tough against the people who had fled the country without repaying their bank loans.
“This is a serious economic offence and to control this the Narendra Modi government has brought an ordinance,” the Union Home Minister said.
“I can assure one and all that anybody who has fled the country after carrying out a bank fraud will be brought back to India. He will be forced to repay the loan. The government will confiscate his property to ensure that banks get back their dues,” Singh said without taking the names of Vijay Mallya or Nirav Modi.
He said the financial health of the banks had deteriorated as the non-performing assets (NPAs) had gone up. He pointed out that when the banks were nationalised by the then Prime Minister Indira Gandhi in 1969, people believed that its benefits would percolate down to the common man but the reality was that no such benefit had reached the people.
Singh said changes had been brought by the Bharatiya Janata Party government as Prime Minister Narendra Modi had brought the banks to the door steps of the masses.
About co-operative banking, the Union Home Minister said that the fundamental of this banking system was very strong and therefore these banks were operating for over 100 years.
“The co-operative banks are the mainstay of Indian economy because they are directly attached with the common man,” he said.
“The best part is they charge 1 per cent interest less than other nationalised or private banks. Thus, their reach is much higher than the other banks. Another reason is that co-operative banks can be found everywhere,” Singh said.
Realising that he was speaking among Northern Railway employees, Singh said that Indian railways was the lifeline which not only ferried the commuters but also transported goods across the country.
“Just think what will happen if the Railways comes to a screeching halt. The life will go just haywire,” he added.
Law Minister in Yogi Adityanath government, Brajesh Pathak and Mayor Sanyukta Bhatia were also present on this occasion.