Chidambaram, Jaitley spar over NPA in Rajya Sabha

According to reports, Chidambaram questioned the National Democratic Alliance (NDA)-led Central Government's statement,  asking for data to prove that loans sanctioned during the United Progessive Alliance (UPA) regime had become NPAs.

"I am asking a very specific question. How many loans given to banks after April 1, 2014 have become NPAs today?" Chidambaram said in the Upper House.

"Does the minister have data now? Will he furnish it to the house?" Chidambaram  questioned Union Finance Minister Arun Jaitley.

Jaitley, on the other hand, stressed on the fact that majority of the NPAs had risen out of loans given during Manmohan Singh's tenure as the Prime Minister. .

"The question doesn't relate to loans given with regard to particular dates. But it is absolutely clear that the bulk of these NPAs have risen out of loans which were given prior to Arpil 1, 2014," he said.

Shiromani Akali Dal party leader Naresh Gujral also questioned the union Finance minister, asking for a forensic audit of at least ten NPAs of each bank.

"Ten to twelve houses have been responsible for 60-70 per cent of the NPAs. It amounts to concentration of risk in just a few hands which is very abnormal. Why don't you order a forensic audit of at least ten NPAs of each bank?" Gujral said.

Jaitley assured the house that an action was taken against defaulters from time to time by banks, regulators, and investigative agencies.

He, however, said it is  difficult to conduct specific inquiries  into every transaction to find out what went wrong.