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.
Governance Now on Thursday bagged the REACH Media Awards for 2017-2018 for best reporting (English category) on tuberculosis (TB) at an event co-hosted by REACH, USAID and Lilly Global Health in partnership with the Lancet Commission on Tuberculosis. Our cover story
N Chandrababu Naidu-led Telugu Desam Party (TDP) on Friday parted ways from the BJP-led National Democratic Alliance (NDA) at the centre. The official quitting of the alliance was preceded by the pulling out of two ministers out of the Narendra Modi government, a week ago. The
What is Narendra Modi’s biggest electoral success during the current term as prime minister? At first blush, most would say the Uttar Pradesh victory. That would be looking at the obvious (UP is the heart of the Hindi heartland) and at mere numbers (it has the maximum Lok Sabha seats). Yes, it was a
The killing of a seven-year-old boy at Ryan International School, Gurgaon, suddenly brought focus on violence by students in school. It was a gruesome case indeed: On September 8 last year, Barun Chandra Thakur dropped his children, including seven-year-old Pradyuman, at school around 8 am. By the time he
Like our jails, our correction centres for juvenile offenders are hardly conducive to bringing about positive change. No one will dispute the fact that an underaged criminal, especially if he or she is a first-timer, needs to be given a chance to reform, however heinous the crime. Unfortunately, society&rs
Finland has emerged as the world’s happiest country, as per the World Happiness Report 2018. The report has ranked 156 countries by their happiness levels, and 117 countries by the happiness of their immigrants. This year, the main focus of the report is on migration within and between countries.