kASHMIR tIMES :Tuesday, April 01, 2014
The CBI has reportedly booked six companies for Bank bad loans and it intends to probe conspiracy aspect in spiralling bad loans of banks. Indian banks led by the public sector have accumulated sticky loans of over Rs. 6.5 lakh crores till the end of 2013. Construction, infrastructure steel and textile companies are the top defaulters. CBI last year began verification of non-performing assets (NPAs) of banks, which revealed that several companies have soot outstandings running into several thousand crores.
Union Finance ministry and the RBI expressed concern over spiralling of bad loans in banking sector. Finance Minister said that willful defaulters would be sternly dealt with. It revealed further that several banks did not file complaints against defaulting companies with the authorities despite pending loans for years together and a bulk of NPAS is from top 30 accounts learnt to have running into thousands of crores and banks were reluctant to declare bad accounts as fraud which adversely affected the tracking and recovery of proceeds of crime.
So far as common man is concerned, he does not prefer taking loan from bank normally unless he has no other option and if he applies for the same from the bank of very small amount he is asked to complete the formalities and produce gauranteer before the loan is granted to him. In case he fail to pay any installment of the loan he is harassed and humiliated by dragging him and the gauranter to face legal proceedings in the court of law.
Several such cases are lying pending in the courts, one fail to understand why the big companies, who obtain loans running into several thousand crores of rupees to expand their business, dare to default in repaying the loans unless the bank authorities are not hand in glove with such dare devil defaulters who provide escape route by restructuring bad loans by the bank authorities very often or write NPAs as non recoverable.
—Krishan Singh,
Talab Tillo, Jammu.
Posts
No comments:
Post a Comment