India’s largest bank staffers union, the All India Bank Employee’s Association (AIBEA) on Saturday released the list of wilful defaulters who owe Rs.1,47,350 crore to public sector banks. The AIBEA said that the purpose of this release of wilful defaulters in the public domain is in the interest of the country and demanded that these defaulters should not be allowed to contest in elections and hold public offices. In a detailed statement, the AIBEA general secretary C.H Venkatachalam demanded that the Banks must publish the names of all defaulters and stringent measures must be taken to recover the corporate loans and wilful default must be made as a criminal offence. AIBEA also said that total Deposits in Indian banks crossed more than Rs.138 lakh crores and common man’s savings are safe in the banks.
“Today the public sector banks have grown in a massive way proliferating with their branches in every nook and corner. Today the total Deposits of all commercial banks are more than Rs.138 lakh crores. Thus, savings of the common man is safe in the Banks,” said AIBEA. The Association also demanded that the Central Government must strengthen public sector banks and provide adequate capital in all banks.
In the top 33 wilful defaulters Gitanjali Gems, Kingfisher Airlines, Ruchi Soya, Rotomac, Sterling Oil Resources are figured.
As per the list released by AIBEA, as on September 30, 2019, the public sector banks are facing 2426 cases with wilful defaulters of Rs.1,47,350 crore. The list is of those having default from Rs.5 crore facing cases in courts and fall under the category of ‘wilful defaulters’. The detailed list released by AIBEA is published below this article in the interest of public understanding. The widely known NPA (Non-Performing Assets) category is not part of this list. Many large Corporates’ dues come under NPA, which is not made in the public domain by banks. It is widely believed that NPA has crossed more than Rs.10 lakh crores and Anil Ambani Group, Adani Group, and Videocon Groups are facing large NPAs.
In the AIBEA released wilful defaulters list highest is from State Bank of India (SBI) with Rs. 43,887 crores, followed by Punjab National Bank and Bank of Baroda with Rs.22,370 crores and Rs.14,661 crores dues. Out of the total 2426 cases, these three banks are having 1365 cases of wilful defaulters. Among the top 33 defaulters (Rs.500 crore and above) total dues of this category are Rs.32,737 crores. In the top 33 wilful defaulters Gitanjali Gems, Kingfisher Airlines, Ruchi Soya, Rotomac, Sterling Oil Resources are figured.
The detailed press statement and list of wilful defaulters released by AIBEA is published below this article:
AIBEA Wilful Defaulters List July 18, 2020 by PGurus on Scribd
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When the 11th BPS process is not completed yet, the General Secretary of AIBEA releasing the names of top NPA is inappropriate. It is obvious he has an ulterior motive. He is working agaist the interest of the pensioners. Let him stop doing the mischief.
Can any gentleman and PGURUS Subscribers do a little bit of research on FSDR Bill authored by BJP lead economist late Jaitely and his team, continued equally by JNU finance degree holding FM Nirmala ji and super digital economist PM Modi ji?
Please compare the total quantum of loans doled out to poor strata through loan Melas by Janardhan Poojary and the likes. They are pittance compared to the lakhs of crores being evaded by the big industrial houses.
I was an Officer in BSNL. While in service, I had requested for a loan for construction of my 🏠 house on the basis of my salary. The SBI at Chitradurga SBIN 0005618 made me wander to the branch months together. At last, with a frustrated mind, I went for DHFL. I’m sure These nationalized banks give crores of loan to defaulters . They don’t help very prompt and sincere salaried employees like me.
Maybe this is something that needs reporting in the annual reports: what percentage of loans are approved and denied and reasons for denial. This along with length of loan application process will allow individuals to compare their circumstances to others.
This is not the appropriate time for the issue if loan defaulters when IBA resume talks for wage settlement.This trick by our great fool,Com
CHV and his sole aim to precipitate the matters.Not a welcome idea.wrong question at wrong time.
What is the right time? Please indicate.
I think you at PGgurus should not have carried this report ( personally I feel this is by an Bank union that is struggling to win the war on wage revision for Bank employees ! ) . It is half truth. What purpose does this serve? What is the bigger picture?
Not that I want the defaulters to escape ,but the basic question missed is how were the loand released – such huge sums despite checks and balances in the form of RBI with regular audits and Inspections! What in the system went wrong that the flag wasn’t raised before the horses fled the stable ?
Now I am sure several political parties will also jump and politicise this issue .
On Banking , several questions can be asked :
1) when Bank nationalisation happened even the Left supported it . 2nd nationalisation also happened . No objection from any one – no political party. Fine ?
2) when Banks were forced to lend to ‘ priority Sector’ by political legislation/ budget and most of default was adjusted from Banks profits no one objected. When leaders like Poojary went on loan mela rampage no one questioned.
Banks role is to accept public money as deposits and lend it to make a profit.then
why no One asks this question – why did and is the Govt continuing to ask Banks to lend for schemes that are ‘social welfare’ in nature ? why did / does the Govt not borrow money from banks against some bonds’, give it to the concerned Govt Department and create a fund , release it to the needy through the Govt agencies ? The govt must be made responsible for repayment on those repayment dates . Should not the Govt agencies be responsible in recovery too . Is welfare schemes the discretion of beuracracy and political parties while recovery a the role of Bank?
3) When with Political support , an Indian Bank chairman in 90’s almost brought bank to the brink of its closure no one objected nor remedial measures taken.
4) when posts above GM in Nationalised Banks is more political postings no one objects .
5) in this list , why were such large loans given and why there wasn’t any monitoring and who was the cause of loan release. Despite default, Who helped people like Mallya or Modi to flee India ?
What about
a) bringing a list of all cases across India in all courts against all CEOs /MDs and all any Bank officials pending in courts for these and other defaulters’ cases.
b) Give a list of those members in the committees that allowed sanctions to these loans and a members’ list .
c) was the loan given the original amounts or was it subsequently increased. Why and who allowed inaction in the cases .
d) list of action taken from time of default ie were property/ assets as security of these defaulters sold , if yes when with dates .If no why ?
e) give a list of RBI audit and inspection findings on each of these Loans and replies by Bank so that we can have understand how loans went from Bad to worse .If you can compile all of the above , then we can have a holistic picture of what ails the Banking sectors lending and recovery model. Else it is one sided and without any purpose.
Lastly are Bank staff sitting ducks for these political manipulation ?
Thought provoking detailed analysis, which needs attention of all those concerned, to explain their role in this collosal misuse of public money. All these could not have happened without connivance of Bank’s top officials and the politician. A case to the point is Indian Bank’s CMD Shri N. Goplalakrishnan & and the late Tamil Nadu’s Congress leader, pointed out in the above comments. I wonder how the Union Bank of India and Corporation Bank are not figuring in the above article. Crux of the matter is that the public fund kept at the disposal of the PSBs have been looted by those influential, with the association of politicians and the officials at the helm of affairs. Who will protect the funds placed as FDs by the gullible public in these PSBs?
Good it is now published
How is the idea of replacing the management team at all of these loan defaulters by some young aspiring entreprenuers if they are interested & revive those companies
The employee directors are doing nothing in arresting this irresponsible loan lending. In sitting in the boardings, they are so subversive to open their mouths as their bosses are there in the meetings. They curry the various favours from the banks. They take their gifts after the board meetings, have a very high sumptuous lunch and leave. The so called mighty AIBEA is not having strong leadership.
O k. AIBEA has published the list. What is their action against the banks and Government, M F.
The common man is helpless in the matter except depositing their savings.
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A staggering $21B was stolen by crony capitalists!! To date, not a single prosecution, save tall talk. Any doubts that India is a banana republic?
In addition to “defaulters should not be allowed to contest in elections and hold public offices”, can we prevent buying of property, suspension of passports and restrictions on banking transactions?
If they can’t travel they will pay. Give it a try.