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.
BJP is all set to retain Gujarat, indicated one exit poll. Another exit poll, however, showed a tough fight in at least one region. Aaj Tak exit poll showed that BJP will win 99 – 113 seats, getting a majority in the 182 member assembly. The Congress will get 68 – 82 seats, falli
Goa shipyard Limited (GSL) has delivered the second fuel barge to Indian Navy on December 2, 33 days ahead of contractual delivery schedule, and recently got inducted into the Navy. Navy was in the need of self-propelled 1000Ton fuel barges, with a view to fuel big ships like INS Vikramadity
Minister of state for defence Subhash Bhamre has assured Hindustan Aeronautics Ltd (HAL) that work load for its Nashik unit will continue to flow even after Su-MKI manufacturing and production activities conclude in the next few years. “HAL has the world class facilities and giv
Naval submarine INS Kalvari was dedicated to the nation by prime minister Narendra Modi on Thursday in Mumbai. INS Kalvari is a diesel-electric attack submarine built by the Mazagon Dock Shipbuilders Ltd for the Indian Navy. As per the plan, five more such submarines would be inducted into
People queued up since early morning to cast their ballot to decide the political fate of 851 candidates in the second and final phase of the bitterly fought Gujarat assembly elections. The votes in all the 182 seats will be counted on December 18. Over 22 million people are eligible to cast
Had the situation not been so desperate, then the AAP government’s proposal to sprinkle water from helicopters would have been considered hare-brained. But, a more practical solution to tackling air pollution may well be around the corner and it lies in the success of a pilot project in Iceland.