-Down to Earth The schemes Kamal Nath and Bhupesh Baghel announced soon after taking oath will not help those who take loans from money lenders Living up to their poll promises, Kamal Nath and Bhupesh Baghel, the newly elected chief ministers of Madhya Pradesh and Chhattisgarh, soon after taking oath, announced that their government will waive off farm loans. While the MP government will waive off loans of up to Rs 2...
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No farm loan waiver: Centre
-The Hindu Write-offs encourage defaulters, affect credit culture, Union Minister of State for Agriculture Parshottam Rupala tells Lok Sabha. On a day when the BJP’s loss in three State elections was partly attributed to rural distress and the Congress’s promise to waive farm loans, the government told the Lok Sabha that it was not considering any loan waiver scheme as it would affect the credit culture, incentivise defaulters, create a moral hazard...
More »Explained: How 100 frauds hit banks -Rahul Tripathi
-The Indian Express CVC report analyses 100 major frauds on public sector banks, committed by borrowers from 13 sectors. Among them, an aviation firm that got loans based on its brand name in spite of a poor credit rating; and jewellers who allegedly inflated value of diamonds and submitted fake details on debtors. New Delhi: The Central Vigilance Commission (CVC) recently came out with a report that analyses the top 100 bank...
More »SC to RBI: Reply to plea over banks not passing on rate cuts -Dhananjay Mahapatra
-The Times of India NEW DELHI: The Supreme Court asked the Reserve Bank of India on Monday to break its 10-month silence and reveal its decision on complaints that banks do not reduce floating interest rates on existing loans for buying homes, vehicles or consumer durables proportionate to its repo rate cuts (rate at which RBI lends money to banks). Petitioner ‘MoneyLife Foundation’ told the court that it wrote to RBI last...
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...
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