Com. Sitaram Yechury, General Secretary, CPI(M) has written to the Prime Minister Shri Narendra Modi that why action is not being taken against the big corporates and borrowers, who have taken large amount of loans from banks and not returned them resulting in NPA of lakhs of crores of rupees. He mentioned 10 big corporates, together who are to repay more than Rs. 7 lakh crore. They are Adani Group (Rs. 96,031 crore), Essar Group (rs. one lakh crore), GMR Group (Rs. 47,976 Crore), GVK Group (Rs. 33,933 crore), Jaypee Group(Rs. 75,163 crore), JSW Group(Rs. 58,171 crore), Lanco Group(Rs. 47,102 crore), Reliance Group(Rs. 1.25 lakh crore), Vedanta Group (Rs. 1.03 lakh crore) and Videocon Group (Rs. 45,405 Crore).
Com.Sitaram Yechury also questioned why the SBI is recapitalising the Public Sector Banks with 2-4 lakhs crores of rupees, instead of recovering the loans by the banks from these defaulters?
From the available indications, it may be some Rs. 30 to 40 lakhs of crore which the corporates must have benefited by not returning the loans from the PSU Banks. And the Central Government, whether UPA or NDA, sit tight without taking any action. Is this not crony capitalism?