-Livemint.com * SBI saw total Wilful defaults rise by around ₹14,000 crore in the six months to September to ₹58,475 crore *ICICI Bank is the only outlier when seen on a standalone basis, with Wilful defaults falling 0.2% Eight of India’s biggest banks have seen a significant jump in Wilful defaults in the six months to September, with such loans rising by over ₹37,000 crore to ₹1.5 trillion, shows data on suit-filed accounts...
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Wilful defaults increased by 152 per cent during Modi regime -Vandana
-TheWeek.in Wilful defaults, loans which are deliberately not repaid by companies despite having the capacity to do so, have surged 152 per cent in the last four years of Modi government. A new report prepared by Pinkerton – a risk management consultancy along with PHD Chamber of Commerce and Industry – says that both gross NPAs and Wilful defaults have been going up post 2008 financial crisis. The value of Wilful defaults...
More »PNB lost four times more money than SBI did to 'jewel thieves' -Chethan Kumar
-The Times of India BENGALURU: Highly cash-dependent traders in gems and diamonds have cost banks at least Rs 5,000 crore through 90 defaults, bank-wise and company-wise data on wilful defaulters compiled by the Federation of Bank of India Staff Unions (FBISU) shows. The top loser is PNB, with just nine defaulters but a loss of Rs 1,790 crore — four times the amount SBI lost. SBI reported the most number of Wilful defaults...
More »Bhargavi Zaveri, senior research associate at the Indira Gandhi Institute of Development Research, interviewed by Nitin Sethi (Scroll.in)
-Scroll.in The Insolvency and Banking Code was brought in as a law in May 2016 to resolve cases of unpaid debts by companies. It allows creditors to initiate insolvency proceedings against defaulting companies so as to recover their money. The code was thought necessary because existing systems of dealing with insolvent companies had failed to deliver, with cases dragging on for years without result. The code sets up an Insolvency and Bankruptcy...
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...
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