Tag Archives: Bad Loans

Rs. 7 lakh crore bad loan by 10 Corporates

08 Friday Jul 2016

Posted by in General, PSU

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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?

Top Defaulters of Bank Loans

03 Sunday Apr 2016

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The Reserve Bank of India has at last furnished the list of willful defaulters of Public Sector banks to the Supreme Court. A supreme Court bench headed by Chief Justice T.S.Thakur had asked the Reserve Bank clarifications on the reported writing off of Rs.1.14 lakh bad loans for the period of 2013-15. The intervention of the Supreme Court was warranted as Vijay Mallya who has defaulted a whooping R.9000 crore to the PSU banks absconded.

The following is the bank wise list of top bad loans written off .

State Bank Of India- Rs.21,313 crore, Indian Overseas Bank- Rs.3,131 crore, Allahabad Bank-Rs.2,109 crore, IDBI-Rs.1,609 crore, Bank Of Baroda- Rs.1,564 crore, Syndicate Bank-Rs.1,527 crore, Canara Bank-Rs.1,472 crore, UCO Bank- Rs.1,401 crore, Central Bank of India-Rs.1,386 crore.

Some of the firms and persons who willfully defaulted after availing loan above Rs.500 crore is given below.The list as on 31-12-2015 containing 7129 defaulters is prepared based on the information received from the Credit Information bureau.

Zoom Developers- Rs.2411 core, Winsom Diamond & Jewellery- Rs.2266 crore , Deccan Chronicle Holdings- Rs.1314 crore, King Fisher Airlines- Rs.1,201 crore( from SBI only, the total default amount of Vijay Mallya from 17 PSU banks is Rs.9,000 core), Surya Vinayak Industries- Rs.1102 crore, Beeta Naptol- Rs.958 crore, Indian Technomat- Rs.724 crore Raza Textiles- Rs.695 crore, S.Kumar Nationalwide- Rs.681 core

The total loan amount defaulted willfully during the period is Rs.70,540 core.

5.65 lakh crore bad loan of PSU Banks

12 Saturday Jul 2014

Posted by in General, Neo-liberal policy

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It is stated that the NPA (Bad loan) of the PSU Banks have reached 5.65 lakh crore. These are mainly the not-refunded loans taken by the corporates and big business. The banks write off thousands of crores of NPA every year with out taking any punitive action against the defaulting corporates and private companies.
It is time that the government and the bank managements take strong action and criminal cases against these big sharks eating the hard earned funds of the common people.

NPA (Bad Loans) of PSU Banks reached Rs. 1,64,000 crore!

05 Thursday Dec 2013

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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.