Smriti Irani corners Congress for NPA crisis, National Herald scam

New Delhi, Sep 11 Union Textiles Minister Smriti Irani on Tuesday launched a scathing attack on the Congress over previous Reserve Bank of India (RBI) senator Raghuram Rajan's comments that most bad loans that account for Indian banks' Non Performing Assets (NPA) started amid the United Progressive Alliance's (UPA) regime between 2006 and 2008.

Tending to a presser here, Irani stated, "Rajan's statement proves that the Congress who is responsible for the increased NPA. Sonia Gandhi drove an administration that attacked the very core of the Indian banking system."

The Bharatiya Janata Party (BJP) leader's remarks come in the wake of Rajan's written statement in light of a parliamentary board who looked for his views on the present circumstance of India's banking sector, especially the NPA crisis.

Rajan expressed that during the period, "too many loans were made to well-connected promoters who have a history of defaulting on their loans," including that authorizing the loans were a "historic phenomenon of irrational exuberance."

The previous RBI representative said that while private sector banks were running out of such promoters, general society division banks kept financing them. Rajan blamed the public sector banks for lacking alertness while sanctioning the loans.

Irani also cornered Congress president Rahul Gandhi, UPA administrator Sonia Gandhi and Priyanka Vadra for their contribution in the National Herald trick.

"Their efforts were focused on looting the taxpayers' money. Rahul Gandhi's not-revenue driven organization, Young India, procured a business organization called Associated Journals Limited (AJL). Why an organization that assumed be associated with benefit or misfortune making, purchased a business organization?" asked Irani.

The Income Tax (IT) division had educated the Delhi High Court that the All India Congress Committee had supposedly exchanged assets to the tune of Rs 99 crore to the Associate Journal Ltd, including that Rahul had professedly persistently picked not to uncover the way that he held the executive's post in the Young India.

The Congress president had challenged the IT department's authority to reopen his tax assessment related with the National Herald and the Young India transactions. On Monday, be that as it may, the supplications testing the IT office's notice looking for assess reassessment for the money related year 2011-2012 were rejected by the court.

Irani pointed a dig at Rahul, saying, "Why is it that Rahul, who is too quick to hug the Prime Minister, would run miles away when it comes to an Income Tax officer."