On July 16, 2022, the Chief Minister of Delhi posted a video of himself on Twitter in which he was seen taking a “free revdi” jibe at PM Modi. In the video, Kejriwal without mentioning anyone name said that PM Modi had forgiven the loans of his fellow friends.
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This is not the first time that any opposition party has accused PM Modi for waiving off loans. The Congress party has made similar claims in the past regarding forgiving of loans.
As per the report of IndiaTV the Congress party has alleged that the Bharatiya Janta Party has waived off RS 68,607 crore loan owed by the top 50 bank loan defaulters, which include, Nirav Modi, Mehul Choksi and Vijay Mallya.
On February 23, 2020, Priyanka Gandhi alleged that the BJP government has waived off RS 8 lakh crore loan. She wrote “Govt waived loans, amounting to about RS 8 lakh crore, of PM Modi’s ‘capitalist friends.’
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In December, 2020, as per the report of OpIndia Rahul Gandhi attempted to mislead the people of India by tweeting false information regarding loans write-offs during his trip to Italy.
What we found in our research
Lets first understand the difference between waive off and write off.
Waive off: The borrower is not required to repay the outstanding loan amount. The individual is no longer responsible for repaying the outstanding loan amount. It entails the lender’s complete cancellation of loan recovery. The bank will not pursue legal action against the borrower. The loan is terminated.
Write off: The lender will write off the loan in order to have a clean balance sheet. However, this does not imply the end of loan recovery. The bank/lender does not close the loan. They will seek legal assistance to recover the outstanding.
In our research we found that the RBI stated that RS 68,607 crore comprises outstanding and the amounts technically/prudently written off till September 30, 2019, when Saket Gokhale, former congress supporter who is now a member of TMC party submitted an RTI query seeking information of the 50 top willful defaulters and their current loan status.
The claim made by Priyanka Gandhi was another attempt by the opposition party to spread misinformation. As per the article of The Hindu shared on February 22, 2020, the government has wrote off RS 8 lakh crore bad loans.
In a tweet, shared by Rahul Gandhi in April 2020, he accused the BJP of forgiving a few industrialist’s loans amounting to Rs 2,37,206 crore without providing any evidence or supporting documentation. However, as per the report of OpIndia, Rahul Gandhi’s assertion was utterly false.
The opposition parties have made many such allegations against the Modi government to demean their public image. However, they lack any evidence or official documentation to back up their claim. Their claims have previously been debunked. It implies that these claims are merely allegations. Hence, the claim made by Arvind Kejriwal means nothing but shooting in the air.
| Claim | Modi Government waived off loans |
| Claimed by | Arvind Kejriwal and congress |
| Fact check | False |
The goal of the Only Fact India team is to provide with authentic and transparent news facts and debunk misinformation that is spread out with the intention of demeaning anyone’s image. Jai Hind!
