NEW DELHI(PTI): The Finance Ministry on Tuesday said banks will disburse credit to tune of…
New Delhi: Have you ever thought why the EMIs on your loans never decrease, why new taxes are being imposed on you? Here is the answer to your problems. Big corporate houses have not returned Rs 4 lakh crore, which they took from banks as loans.
The Supreme Court of India on Tuesday took the matter seriously and asked RBI to furnish list of defaulters that have more than Rs 500 crore loan and have failed to pay back or incorporated the money into corporate debt. Which are these corporate houses?
According to India Spends
ABG Shipyard has Rs 11,000 crore bad loan
Bharti Shipyard-Rs 8500 crore bad loan
Gamon Infrastructure- Rs 15000 crore bad loan
Electrosteel Steels- Rs 9500 crore bad loan
Kingfisher Airlines: Rs 4000 crore bad loan
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What is bad loan?
Bad loans are loans that are not being paid back. These are non performing assets for banks. If a bank account holder fails to pay back loans, his account is termed as non performing assets. If we combine the bad loans of all the banks in the country, the consolidated amount stands at Rs 4 lakh crore.
If we compare it with 2011 figure, the total increase has been a whopping 450 per cent. This much money can end India’s financial woes.
In 2011, the total NPA on government banks was Rs 50000 crore. In 2012, the NPA increased to Rs 1 lakh 12,489 crore. In 2013. It was Rs 1 lakh 55 thousand 890 crore. In 2014, it was 2 lakh 16 thousand 739 crore. In March 2015, the figure was RS 2 lakh 67 thousand crore. In November and December, the figure was Rs 3 lakh crore.
Last year, SBI’s NPA was Rs 1 lakh crore. Bank of Baroda’s NPA was Rs 38 thousand crore and 934 lakh, Bank of India’s NPA was Rs 36 thousand and 519 crore. Indian Overseas Bank’s NPA was Rs 22 thouand and 672 crore.
According to India Spend, if this money is recovered, country’s budgetory needs of Defense, Education, Highway and Health would be fullfilled.
RBI governor Raghuram Rajan wrote an email to his employees. He wrote that defaulters were not penalised until he is small and weak. Nobody want to take action against the rich.
Winsome Diamonds, Deccan Chronicles Holdings and Surya Vinayak Industries are such companies that have not been able to pay up huge laons.
The last resort that government has is to increase taxes and pay the banks. Government is mulling to pay up Rs 2 lakh 50 thousand crore to the bank. This would mean each family would have to shell out Rs 10000.