UPA phone-banking scam broke banking system: PM Modi

NEW DELHI: Distributing more than 70,000 appointment letters to new recruits in government jobs across the country on Saturday, Prime Minister Narendra Modi hit out at the earlier Congress-led UPA government saying while now people avail banking service using mobile phones, earlier “phone banking” was the biggest scam as people in power would make calls to banks to provide loans to only a few.

Alleging that the “phone banking scam” was one of the biggest scams of the previous government, which broke the backbone of the banking system, Modi said while earlier several banks were incurring losses and their loans were becoming non-performing assets (NPAs), now the same institutions are making record profits.