-The Indian Express Even as the government has been trying to shore up PSB books through equity capital infusion and other measures, Stressed Assets have registered a steady rise since 2011. New Delhi: Between April 2014 and April 2018, the country’s 21 State-owned banks ended up writing off Rs 3,16,500 crore of loans even as they recovered Rs 44,900 crore written off on a cumulative basis — or less than one-seventh the...
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Crunch time for 70 companies as RBI's NPA deadline ends
-The Hindu Business Line After Allahabad HC rebuff, power firms look for govt lifeline Mumbai: About 70 companies with a combined debt of approximately ?3.6-lakh crore face insolvency proceedings, with the deadline imposed by the Reserve Bank of India ending on Monday. These companies did not get any legal relief as the Allahabad High Court declined to stay the RBI’s February circular instructing banks to take all large accounts above ?2,000 crore...
More »Cong piles Gujarat firm heat on Modi
-The Telegraph New Delhi: The Congress on Monday demanded that the State Bank of India declare the Gujarat State Petroleum Corporation bankrupt as it sought to puncture holes into "dream merchant" Narendra Modi's "Mr Clean" image, armed with an RBI circular on Resolution of Stressed Assets. Senior party leader Jairam Ramesh said the February 12 Reserve Bank circular mandated that any company that owed more than Rs 2,000 crore to banks on...
More »Mudra loans a big scandal in banking system
-Deccan Chronicle The managers used a part of the 60 per cent amount to repay the Mudra loan for a year and pocketed the rest. New Delhi: The Modi government may have to get battle ready soon for cleaning up the Mudra loan mess that has added to the concerns of the banking system. The plan to create “job creators and not job seekers” by disbursing massive credit to micro and small...
More »Banks take about Rs. 70,000-cr. hit due to frauds in last 3 years
-PTI ‘Impact in 2017-18 at ?36,694 cr. more than twice seen in previous 2 years, each’ Indian banks reported a total loss of about ?70,000 crore due to frauds during the last three fiscals up to March 2018, the Rajya Sabha was informed on Tuesday. The extent of loss in fraud cases reported by scheduled commercial banks (SCBs) for 2015-16, 2016-17 and 2017-18 was ?16,409 crore, ?16,652 crore and ?36,694 crore, respectively, Minister...
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