New Delhi: Minister of Finance Nirmala Sitharaman said on Monday that the ABG shipyard account changed the NPA during the old upa regime and banks took lower than normal time to detect fraud carried out by shipping companies.
“…
in this particular case with such measurements, actually, I have to tell credit to the bank, they have taken lower than what is usually the average time to detect this type of fraud,” Finance Minister Nirmala Sitharaman said at press conference after handling RBI board members.
The Minister said usually the bank takes 52-56 months to detect such cases and start follow-up.
The Central Investigation Bureau (CBI) recently ordered ABG Shipyard Limited, former Chair and Managing Director of Rishi Kamlesh Agarwal and others for allegedly deceiving a two-dozen consortium lenders led by ICICI Bank.
The ABG fraud was much higher than what was done by NIRAV Modi and his uncle Mehul Choksi, who was suspected of deceiving the National Bank of Punjab (PNB) around Rs 14,000 Crore through the issuance of a bous.
Sitharaman also said that during the NDA regime, the health of the bank had increased and they were in a position to raise funds from the market.
Overcoming a press conference, RBI Governor Shaktikanta Das confirmed that the projection of RBI inflation was quite strong.
He further said inflation momentum, from 2021 October and so on, it was on the slopes down.
“This is especially the reason for basic statistics that lead to higher inflation, especially in the third quarter, and the same basic effects will play in different ways in the coming months,” said the watershed.
Loans to ABG Shipyard change NPA before 2014: FM
