-DNA India's largest public sector bank has dropped more than Rs 7,000 crore, more than 80 per cent of the amount owed to it by its top 100 defaulters, into the Advance Under Collection Account (AUCA) bin for toxic loans With efforts to recover its dues hitting a virtual dead-end, the State Bank of India (SBI) seems to be have started a clean-up of its balance sheets by writing off loans...
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Danger Zones of High Economic Growth -Amit Bhaduri
-Economic and Political Weekly The powerful feedback mechanism of raising growth and inequality simultaneously combines restraint on government welfare spending, wilful default of bank loans by corporate houses and land acquisition for them. This creates not just a vicious circle but a rising and expanding spiral driven by a strategy of promoting the climate for private investment. Please click here to read more. ...
More »Make default list public: SC
-The Telegraph/ PTI New Delhi: The Supreme Court today asked the Centre and the RBI to disclose the names of borrowers who had each defaulted on public-sector bank loans of Rs 500 crore and above but the apex bank raised objections. The top court, after going through the defaulters' list submitted by the RBI in a sealed cover on March 29, said 57 people had defaulted on loans worth Rs 85,000 crore...
More »Agriculture loans a far cry for tenant farmers in Andhra -Jayanth P
-The Times of India VIJAYAWADA: The farm credit disbursal system in the state remains crippled for a long time now as a majority of tenant farmers, who constitute about 80 per cent of the cultivators in the state, are unable to avail of the loan facility. Experts say the latest recommendations by the bankers' sub-committees also do not reflect the reality. In fact, they fear the recommendations will only aggravate the...
More »Chained to debt in life and death -A Narayanamoorthy and P Alli
-The Hindu Business Line The only way this story of the Indian farmer will change is if policymakers ensure better remuneration for them The peasant (in India) is born in debt, lives in debt, dies in debt and bequeaths debt. This is what Sir Malcolm Darling, a famous British researcher and writer, wrote in 1925 after studying the condition of undivided Punjab’s peasants. Had Darling been alive today he would have rephrased his...
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