New Delhi: Union Minister Prakash Javadekar on Wednesday took a jibe at Congress leader Rahul Gandhi on attacking BJP after Reserve Bank of India released a list of 50 wilful defaulters accused of cheating.
Rahul Gandhi said that the government had hidden the list from paarliament as there were the names “friends” of the ruling party.
Javadekar responded to his statement and said that the top Congress leader should take tuition from former Finance Minister P Chidambaram to understand the difference between “write-off and waive-off”.
“@RahulGandhi should take tuition from @PChidambaram_IN on the difference between ‘write off’ and ‘waive off’. @narendramodi govt has not waived off any loan. ‘Write off’ is a normal accounting process. It doesn’t stop recovery or action against defaults,” Javadekar tweeted.
.@RahulGandhi should take tuition from @PChidambaram_IN on the difference between "write off" and "waive off". @narendramodi govt has not waived off any loan. "Write off" is a normal accounting process. It doesn't stop recovery or action against defaults. pic.twitter.com/0z2jaiEJku
— Prakash Javadekar (@PrakashJavdekar) April 29, 2020
Outstanding loans amounting to ₹68,607 crore of top 50 wilful bank loan defaulters in the country including firms of Mehul Choksi and Vijay Mallya have been technically written off till September 30, 2019, the Reserve Bank of India said in a RTI reply.
The write-offs are technical or prudential in nature, which means the banks have made 100 per cent provisions against the loans. However, this doesn’t mean the banks have given up the right to recover the loans. It also doesn’t mean that banks have written off the entire loan, as some loans have been taken against security, which either can be or already has been recovered.