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LATEST NEWS UPDATES | State Bank of India Writes Off Rs1.45 Lakh Crore Bad Loans of Big Defaulters since FY14; Refuses To Share Names -Yogesh Sapkale

State Bank of India Writes Off Rs1.45 Lakh Crore Bad Loans of Big Defaulters since FY14; Refuses To Share Names -Yogesh Sapkale

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published Published on Jul 22, 2022   modified Modified on Jul 23, 2022

-Moneylife.in

State Bank of India (SBI) has again refused to share the names of borrowers who owe Rs100 crore or more, even with its shareholder. Over the past nine years, from FY13-14 up to FY21-22, SBI has written off bad loans of over Rs145,248 crore of big defaulters, while recovering just over 13% from them.
 
SBI told social activist and shareholder Vivek Velankar, "The Bank is under statutory and regulatory obligations to maintain confidentiality of customer data, hence information sought cannot be disclosed."

The stubborn refusal to share information by SBI and other public sector banks (PSBs) is surprising since they have no problem with confidentiality when it comes to small borrowers. All lenders regularly publish recovery advertisements in the newspapers with personal details and photos of smaller borrowers who have defaulted. The stubborn protection to big borrowers or large defaulters under various pretexts is baffling. 
 
Many people, including Mr Velankar, have filed numerous applications under the Right to Information (RTI) Act with PSBs, to make the names of big defaulters public. But, so far, banks have refused to share names of big defaulters citing 'confidentiality of customer data'. Maybe the confidentiality clause is applicable only for big defaulters and not small borrowers, whose details and photos keep appearing in newspapers along with recovery notices. 

Please click here to read more. 
 


Moneylife.in, 22 July, 2022, https://www.moneylife.in/article/state-bank-of-india-writes-off-rs145-lakh-crore-bad-loans-of-big-defaulters-since-fy14-refuses-to-share-names/67825.html


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