16 Sunday Aug 2015
Posted in General, Neo-liberal policy, PSU
The Bank Unions have strongly protested against the posting of the CEOs of Public Sector Banks from the private sector. The government has now posted the MDs/CEOs of Canara Bank and Bank of Baroda by private sector persons.
The Bank Unions say that there are sufficient efficient, qualified and eligible persons in the PSBs and there is no need of entry from the public sector.
This is fully correct. The BJP government is making these appointments to torpedo the public sector banks.
21 Tuesday Jul 2015
As per the reply given in the Parliament by Minister of State for Finance, Jayant Sinha, the NPA( Non-Performing Assets)or the bad loans of the Public Sector Banks have reached Rs. 2.67 lakh crore by the end of March 2015. Last year it was Rs. 2.16 lakh crore.
The interesting fact is that these bad loans are mostly loans taken by the big corporate and business houses and have not been repaid. Due to their influence on the government and political parties, strong action is not taken for recovery.
At the same time, extra-special efforts are being made to recover from the common people and legal action is taken. But not in the case of big guns. Even if some action is taken, they defend it with Senior Advocates, who manages to stop and delay action.
The Bank Unions have been demanding for the recovery of these bad loans from the big business and corporates, but without results.
In India, big guns are always above the law of the land.
16 Saturday May 2015
Posted in PSU
Tags
All, including the Government of India, have agreed that in tiding over the financial crisis which started in 2007-08, the Public Sector Banks of India have contributed much. There are 20 PSU Banks, including the State Bank of India. There are around 7,60,000 employees including officers working in these banks.
The Bank Employees are united and have organised several united complete strikes which has completely paralyzed the banking services.
That is why the government is trying to weaken the PSU banks, just like other PSUs.
03 Wednesday Dec 2014
Posted in PSU
The Public Sector Banks, including SBI, have written off Rs. 34.409 crore of bad of NPA (bad loans)during financial year 2013-14. This includes one time settlements also. This comes to about 34.05 % of the Non-Performing Assets. In 2012-13, Rs. 27,231 crore were written off.
These bad loans are mainly loans given to the corporates and big business and not returned. If common people take any loan and is not paid back, coercive measures are taken and the loan got returned. But, when it is the case with the corporates and big business, it is written off. No action is taken against them. Is this justice? One rule for the rich and powerful and another for the common people? This should be exposed.
The Indian Banks Association is denying the demands of the Bank Employees’ Unions for wage revision with adequate fixation stating that there is no money. But they can simply write off Rs. 34,000 crores and similar amount every year, closing the loans of the rich and powerful without getting it back?
27 Monday Oct 2014
Posted in PSU
It is well known that the government is not interested in improving the PSUs, Banks included. It will advise for the improvement of services, but at the same time will do every thing to demolish these PSUs. BSNL, MTNL cases are well known to all.
It is the same with the PSU Banks. There are 20 PSU Banks, in addition to those affiliated with SBI. Out of these six banks are working without any CMD. These are Bank of Baroda, Canara bank, Indian Overseas Bank, Oriental Bank of Commerce, Syndicate Bank and Bank of India.
The NPA (Non-Performing Assets), meaning bad loan, are increasing in all the PSU Banks.There is no strong action to get back the amounts from the corporates, big business etc. who have taken the loan and are not repaying. The top management is fully responsible for giving loans with out proper security etc.
The Unions in the PSU Banks are exposing and protesting against these NPAs, but neither the Bank management nor the government is taking any serious remedial measures.
12 Saturday Jul 2014
Posted in General, Neo-liberal policy
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.
21 Friday Feb 2014
Posted in General
Whatever the government may say about the Public Sector Banks, it is on record that there is steady growth. Despite the thousands of crores of bad loan/NPA, the profit of the banks are on the rise. The following statistics for the last few years show the steady growth of the PSU Banks.
Year Profit in crores
2008-09 Rs. 33,514
2009-10 Rs. 38,225
2010-11 Rs. 43,250
2011-12 Rs. 47,483
2012-13 Rs. 48,700
The bad loans which are given the label ‘Non-Performing Assets’ (NPA) have also increased. From Rs. 39,030 crore in 2007-08, it has increased to Rs. 1,64,461 crore in 2012-13. The defaulters are mainly the big corporates and the big business. You can see the name of all the big corporates in the defaulters list. A leader of the Bank Employees has stated that about 50% of the bad loans are by the 30-40 top corporates of the country and the central govt. is supporting them by not taking any action against them. Despite these huge bad loans the PSU Banks are in profit.
Hearty congratulations to the PSU Banks and their workers!
05 Thursday Dec 2013
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.
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