According to the reports, the Non-Performing Assets (NPA) or the loans taken from the banks and which have not been returned, of the Public Sector Banks has reached a huge Rs.1.64 Lakh crore in 2013. This is an increase of more than four fold increase during the last 5 years. The NPA was Rs. 39,000 crores in 2008.
Almost all the big corporates seem to be in the list of offenders. Many of them have taken hundreds of crores of rupees and failed to pay or did not pay.
According to the list of corporates who did not pay back the loans taken published by the All India bank Employees Union, Vijay Mallya’s King Fisher tops with Rs. 2,673 Crore dues.
The Bank Unions have also demanded that the Banks should publish the list of all offenders who did not repay the loans. They also demanded that inquiry should be ordered whether these loans were sanctioned as per rules or were given in violation of the existing rules and fix the responsibility.
The favour shown to the corporates and private big business, especially after the implementation of the neo-liberal policies have resulted in such distortions and violations of laws in many areas, and banking sector is not any different.
The Government and the Bank authorities should take immediate action to recover the amounts which will strengthen the banks and put an end to the loot of the public money through the bad loans.