-Live Mint Subsidized loans given to farmers through KCCs could very well be the next big source of NPAs for banks Mumbai: A surge in exposure to farm debt through Kisan Credit Cards (KCCs) could emerge as a risk for India's state-run banks, according to experts. Subsidized loans are given to farmers through KCCs by state-owned banks. Until March 2012, the outstanding amount on such loans was`1.6 trillion through 20.3 million cards, as...
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Andhra Pradesh to challenge SC interim order on SKS-Dinesh Unnikrishnan
-Live Mint State govt says did not receive notice from SC before order was issued; SKS shares fall 19.63% in intra-day trade Mumbai: Andhra Pradesh, once the largest market for microlenders and home to India's lone listed such institution SKS Microfinance Ltd, said on Thursday it would challenge the Supreme Court's recent interim order allowing the company to resume operations in the southern state, driving the stock down by almost 20%...
More »FM P Chidambaram warns rich promoters on loan defaults
-The Economic Times Finance Minister P Chidambaram has warned corporate bigwigs against wilful defaults, reminding promoters that it was their duty to bring in additional capital if their companies got into trouble. "We cannot have an affluent promoter and a sick company," he said, in an apparent reference to the collapse of Kingfisher Airlines, owned by the flamboyant Vijay Mallya. Banks are stuck with nearly Rs 7,000 crore worth of loans they...
More »CAG finds lapses in Rs 52,000 cr farm debt waiver scheme
-PTI The BJP alleged there was a "big scam" worth Rs 10,000 crore in the implementation of the scheme and demanded strict action against those responsible Expressing serious concern over the implementation of the Rs 52,000-crore farm debt waiver scheme, government auditor Comptroller and Auditor General (CAG) on Tuesday said in several cases ineligible farmers were given benefit while deserving ones were left out. The CAG has also found instances of tampering of...
More »Financial services secretary Rajiv Takru seeks details of top 50 NPAs from state-run banks
-The Economic Times The finance ministry has told all state-run banks to disclose their 50 largest bad loans to help them make a recovery plan and establish a system for zero tolerance against wilful defaulters. In a recent meeting with heads of state-run banks, new financial services secretary Rajiv Takru told them to furnish details of their top 50 non-performing assets (NPAs), including loan sanctioning officer, terms of loan, the collateral furnished...
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