The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:

The government has sought, once again, Parliament’s approval to give Rs. 41,000 crores more to the public sector banks to recapitalize them.  This will take the total recapitalizing amount to Rs. 1,06,000 crore this year.

The banking crisis is being caused by the Modi government’s patronage to their cronies to take loans and then leave the country.  Instead of making efforts to recover these loans, more public money is being pumped in to finance this loot of public money.  This is the double loot of the hard-earned savings of the Indian people.

Till date, the Modi government has not revealed the list of crony capitalists and how much they have borrowed. This lack of transparency deepens the suspicion of the patronage being provided by the Modi government to such loot of public money.

The Polit Bureau of the CPI(M) demands that the list of such crony capitalists be made public and steps initiated to recover these amounts.