-DNA What is worse is that just the top 30 cases of default account for a Rs 1.21 lakh crore, which is almost 40% of the Non Performing Assets (NPAs) in banks. The upper middle class, who usually takes loans of over Rs 1 crore, accounts for 33% of the total NPAs. It's not the poor farmers or the middle class who are defaulting on their loans. It's the country's super rich,...
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No slowdown in bank lending to agriculture sector -Radhika Merwin
-The Hindu Business Line This is result of lacklustre credit growth to India Inc and tough priority sector lending norms Credit growth in the banking system continues to languish below the 10 per cent mark, far lower than the 14 per cent seen a year back. But there is one segment that has managed to grow faster than last year - loans to the agriculture sector. These grew 16.5 per cent in...
More »Targeted lending to farmers a must -Gopa Kumaran Nair and Nirupam Mehrotra
-The Financial Express In a column in The Financial Express, ("Time to tweak priority-sector lending", goo.gl/6O8AOL, February 6), the author made a case for "tweaking" priority-sector lending (PSL) norms which largely stipulate that the commercial banks direct credit towards certain vulnerable sectors and target population. Specifically, the article argued for revisiting the sectoral targets and cited a reduction in the share of agriculture sector in GDP as a valid reason...
More »So Richie Rich? Have Another One On Us -P Sainath
-Outlook Corporate karza maafi reaches new heights, social spending new lows This year's budget write-off in customs duty on gold, diamonds and jewellery (all aam aadmi items, of course) is Rs 75,592 crore. That's well over twice the "record" amount allocated to the Mahatma Gandhi National Rural Employment Guarantee Scheme. As Prof Jayati Ghosh points out, the MNREGA has given billions of person-days of work to tens of millions of poor...
More »Right to life overrides right to do business, Supreme Court rules -Dhananjay Mahapatra
-The Times of India NEW DELHI: Right to life outweighed right to do business with the Supreme Court on Monday rejecting State Bank of India's petition challenging an Allahabad high court order directing sugar mills in Uttar Pradesh to sell the sugar stock hypothecated to SBI against loans to pay sugarcane farmers' dues. Sugar mills had taken loans totaling Rs 3,000 crore from SBI by hypothecating their sugar stock. Under law, the...
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