Arun Jaitely, Finance Minister, has asked the PSU Banks to take strong action to recover the NPA (bad loans) from the defaulters with out fear. Such an assurance should have been given long ago. The lakhs of crores of rupees of NPA has been accumulated year after year due to the compromising position taken by the Bank Management, Government and interested and influential politicians. The hard earned money of the common people put in the banks are ‘gifted’ to the corporates, rich and influential people through liberal loans without even sufficient and adequate security.
The government and the Banks should not only declare their intentions, but should act firmly. Is it possible when it is from these same corporates and rich that lakhs of crores of rupees are collected as donations for elections etc.? There should be very strong pressure from the people on the government to get it implemented.
It is also necessary that High level Judicial Enquiry is conducted in the matter of NPAs and the culprits punished.