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Tag Archives: NPA

Bank Workers will Strike on 7th February 2017 on NPA and Demonetisation

21 Saturday Jan 2017

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Bank Strike, Demonetisation, NPA

The Bank Employees Unions, BEFI, AIBEA and AIBOA has called upon their workers to organise agitational programmes including One Day Strike on 7th February 2017 demanding declaration of the names of the big corporates and others who are to pay back thousands of crores of rupees to the banks (NPA) and also on the miseries being put on the people and the bank workers by demonetisation.

The government and Banks are extra soft on the corporates who have taken loans of thousands of crores of rupees, while they are very strict and merciless against the poor who have taken small loans. At least the government and banks should publish names of these big rich people, whom the government and the banks are making all efforts to save. The government should understand that it is the money of the common people that is being looted by the rich through these bad loans(NPA).

We fully support the decision of the bank associations to go on strike.

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Act Strongly to recover NPA – Arun Jaitely, Finance Minister to PSU Banks

22 Saturday Oct 2016

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FM, NPA, PSU Banks

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.

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Rs. 5.4 lakh crore NPA (Bad loan) of PSU Banks!

16 Tuesday Aug 2016

Posted by VAN NAMBOODIRI in General, PSU

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NPA, PSU Banks

The PSU Banks in the country are having  NPA or the bad loans not returned of Rs. 5,39,995 crore as in 2016. For the last 15 years, the NPAs have been increasing every year. These are loans of crores of rupees given to big corporates, business barons and so on. Neither the government nor the PSU Banks are taking any serious action to recover these loans. These are companies who are having sufficient funds to repay. This is a conspiracy between the management of the banks, corporates and ruling political parties.

There is a need to expose all of them. The Banks should publish the list of these corporates. They should be shamed. Government should take serious action against all those involved. It is the people’s savings that have been swindled.

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Top 10 Corporates alone owe Rs. 5.73 crore to PSU Banks.

03 Wednesday Aug 2016

Posted by VAN NAMBOODIRI in General, PSU

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corporates, NPA, PSU Banks

Minister of State of Finance, Santosh Kumar Gangwar told the Rajya Sabha yesterday that the top corporate groups in India owe the Public Sector Banks Rs. 5,73,682 crore, the loans taken and not returned. The total NPAs or bad loans by the corporates will come to lakhs of crores of rupees.

This is a clear case of politician-corporates-bank management conspiracy taking away the savings of the people of the country for the benefit of the corporates. Very strong action is required to recover this money.

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8,100 wilful defaulters of loan taken – Rs. 76,685 crore

21 Thursday Jul 2016

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Banks, NPA, wilful defaulters

According to the statement of Finance Minister Srun Jaitely in the Parliament on 19th July, there are 8,100 wilful defaulters who owe the banks about Rs. 76,685 crore. He also stated that 1,724 FIRs have been filed in his connection.

The number of wilful defaulters is much more than this according to the bank employees unions. The government seems to be covering up the high valued borrowers since they have got connection with political bosses. Even the FIR filed is much less compared to the number of defaulters.

We demand early action to recover the money of the banks, which actually is the hard earned deposits of the ordinary customers.

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Rs. 7 lakh crore bad loan by 10 Corporates

08 Friday Jul 2016

Posted by VAN NAMBOODIRI in General, PSU

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Bad Loans, Government, NPA

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?

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PSU Banks loss about Rs.18,000 crore.

07 Tuesday Jun 2016

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NPA, PSU Banks

According to the Finance Minister Arun Jaitely, the total loss to the PSU Banks is about Rs. 18,000 crores. The loss is mostly due to the NPA or bad loans of hundreds of crores of rupees given to the corporates, including almost all the important business concerns in the country. These loans are given without proper procedure, on the recommendations of the political bigwigs and also in collaboration with the top officers of the banks. The indications are that these loans are taken with the full confidence that the borrowers can escape without repaying the loan.It is very much necessary that a high level inquiry should be ordered and remedial measures taken to recover these loans. But since the top politicians, big corporates and top Bank Officers are involved, the chance for any sincere inquiry is doubtful.
The silver lining is that despite these NPAs, the PSU Banks are having an operational profit of Rs. 1.40 lakh crores.

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Top Defaulters of Bank Loans

03 Sunday Apr 2016

Posted by VAN NAMBOODIRI in General, PSU

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Bad Loans, Defaulters, NPA

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.

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NPA – Corporates take advantage of the PSU Banks

23 Tuesday Feb 2016

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NPA, Public Sector Banks

In the recent days, a lot of criticism is placed on the Public Sector Banks (PSBs) for the huge Non-Performing Assets (NPAs) or the bad loans which are not recovered. These bad loans come to about an average of 6-7%, something more or less, in the PSBs, which creates financial problems to the concerned banks. These are known to all. And the PSBs are criticised for this by government, public and the big business.

Certain questions naturally come to our minds:

  1. Who are these individuals or companies who have not re-paid these huge loans taken years back? Neither the government nor the banks disclose the names. It means that these are very influential persons/companies and not ordinary persons.
  2. Who are the persons/companies who guaranteed these loans? Why not disclose their names?
  3. What action has been taken to recover the loans? Whether court proceedings have been initiated?
  4. Why the government and the PSBs are not putting the names of the defaulters in public? Will it not shame them so that they will be compelled to pay the loans back?

The answers to these questions will reveal certain facts. Who are all involved in these cheating of the Public Sector Banks. The government and the Banks have got the responsibility to reveal all these information so that the public is aware of the same.

This looting of the Public Sector Banks should be stopped.

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PSU Banks write-off Rs.1.14 lakhs NPA

09 Tuesday Feb 2016

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NPA, PSU Banks

The public sector banks in India have written off loans of more than Rs.1.14 lakh crores during 2013-15 alone as per an RTI reply received from the Reserve  Bank of India. Out of this, more than Rs. 40,000 crore is from SBI alone. 29 Banks have written off such NPAs. The RBI refused to provide even the details of the loans taken of more than Rs. 100 crores.

The non-repaid loans which are called Non-Performing Assets(NPA) have been increasing. These are mainly loans of large amounts coming to hundreds of crores of rupees mostly given to big corporates and business concerns. While the small amount loans of a few lakhs or so are recovered through coercive measures from the common people, the big sharks are let off. The government also keeps silence. The common men’s savings are gifted to the corporates. The PSUs are let to bleed. This injustice has to be put an end to.

 

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