12 Sep : News Express 24 :-
‘Mudra Yojana’ is a very ambitious plan of Prime Minister Narendra Modi. However, the former RBI Governor (RBI) Raghuram Rajan criticized the scheme. In a reply sent to the Parliamentary Committee, Rajan said that the Modi government schemes like currency debt, Kisan Credit Card will increase the debt of the banks and increase the number of banks (NPAs) and the bank’s situation will be fragile.
Raghuram Rajan has blamed the then UPA government for the NPAs of the banks. He did not even give a clean chit to the Modi government. He said that many schemes of Modi government are increasing NPAs.
The Parliamentary Committee of the Lok Sabha had asked Rajan to appear before the banks and submit his resignation to the NPA. Later, the committee had given them exemptions to form the role through the letter. Later, Rajan gave a very deep reply to the Lok Sabha Committee on NPA.
Rajan said, the government should also focus on the sources that can be responsible for future calamities. Specifically, the government must stay away from ambitious debt targets or debt waivers. Mudra loan, Kisan Credit, schemes like MSME Credit Guarantee are the new sources of NPA raise. Meanwhile, the Prime Minister and the NDA government believe that such scheme is a big tool for employment generation.
Currency lenders and Kisan Credit Cards are popular. But it should be examined thoroughly by looking at the possibility of credit risk increase. There is also an increase in the MSE Credit Guarantee Scheme run by SEBI in the same manner. He warned that urgent attention should be given to them.