Four-fold rise in bad loans

AIBEA criticises corporates, says depositors have the right to know the details of loan defaulters

GN Bureau | May 7, 2014



A whopping Rs 70,300 crore has accumulated on the account of top 406 bad bank loans even as there has been a four-fold rise in such loans in the past four years.

With a bad loan of Rs 2,673 crore, the now grounded Kingfisher Airlines tops the list of defaulters released by the All India Bank Employees’ Association (AIBEA) on Tuesday.

Kingfisher is followed by Winsome Diamond and Jewellery Co. (Rs 2,660 crore), Electrotherm India (Rs 2,211 crore), Zoom Developers Private Limited (Rs 1,810 crore), Sterling Bio Tech (Rs 1,732 crore), S Kumars Nationwide (Rs 1,692 Crore), Surya Vinayak Industries (Rs 1,446 crores), Corporate Ispat Alloys (Rs 1,360 Crore), Forever Precious Jewellery and Diamonds (Rs 1,254 crore), Sterling Oil Resources (Rs 1,197 crore) and Varun Industries (Rs 1,129 crore).

Speaking to reporters in Chennai, AIBEA general secretary CH Venkatachalam demanded that the RBI should come up with periodic list of loan defaulters of Rs one crore and above; Centre shall amend recovery laws, and take criminal action against those who appear to be defaulting wilfully.

From Rs 39,030 crore in March 2008, bad loans rose to Rs 1.64 lakh crores by March 2013.

Venkatchalam alleged that the AIBEA had to release the list as the RBI and the Centre had been shying away from it.

AIBEA alleged that the big corporates were playing with depositors’ hard-earned money and pointed that the latter have the right to know the details of wilful defaulters.

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