•NPA is a very big threat to Indian
Economy. I sent several tweets over many days but govt and agencies and banks
have not shown intent to solve the issue. Bankruptcy law will not fix the issue
by any way. It is just a dark cloud over there it will not rain. NPA issue if
fixed will help banks get back around 50,000 crores and that is more than
enough to use by Govt in infra projects as Govt banks once they get back the
money they will start lending. Currently Govt banks don’t have money to lend as
all have drained down and wait for tax payer money through budget. I am ok with
giving by budget as banks will crash will further pull economy down. But at the
same time you have to take severe action on daily basis to fix the issue. I
don’t want one day tamasha of raid and then everyone forgets it. Put several
cases on them and ask banks to take action and put names with them in public
ask the unions or management in public sector banks to do press conference and
release full list in public.
•Ask banks to say why many are not notified as wilful defaulter whom are they afraid or ask finance ministry to take full list and explain. I can get that the banks top boards are directly involved in NPA problems as they get commission on large money disbursed other than SBI I have doubts in all banks. Some of banks boards and chairman involved in NPA even quit their jobs some could have even retired or moved to another bank. But govt must track down. There are some people from earlier Finance ministry also involved. So you cant sit on the NPA issue like any other casual case. It is a very big one. The govt must enthuse all agencies to work hard or wait till supreme court appoint CBI to come and take the issue and blow up in all directions but will take years to fix by then banks will start going in drain.
•Investigating NPA issue will help the Govt create a system wherein banks when they give loans more than 100 crores are notified to Finance Ministry, RBI as precautionary measure and help avoid giving loans to big shots to reduce overall loss. RBI cant go and hide saying that govt is only responsible for controlling PSB as RBI failed in its monitoring of banks activity with poor staff and poor IT infrastructure or ask banks to report the loss immediately. RBI did the easy jobs of asking banks to close losses in accounts hence helping the NPA accounts to go free walk. When an individual doesn’t pay his credit bill for one month so much interest rate is charged, when a farmer cant pay loans he dies, when a house owner cannot pay his home loan he dies with family and insulted by banks like anything but see the huge amount of money siphoned off by many individuals and corporates.
•The case of Mallya getting loan of several crores is clearly a work of several banks pressured to give him loan under consortium and the money was diverted away from India to safe heavens but neither did Income Tax Dept. or ED or CBI or economic offences wing did any action. All are blinking since it involves several big shots. Defaulters generally find ways to escape by saying loopholes. The question who pressurised banks to give loans of a huge value in spite of not making sure of repaying capacity.
•NPA issue can be fixed with current laws and power of banks and existing courts we don’t need new laws to fix the issue immediately. The NPA issue is a big list if you start with 50 crores and more can help solve the issue but if you restrict to those with more than 100 crores you can help economy recover in a big way.
•Govt banks are under Finance ministry and govt lawyers have not been pushed into action to raid these entities and wilful defaulters have not been arrested. Only if you arrest only then they will make efforts to pay. Why just bring the entire board into the case and the owner and major stake holders as they control the company.
•Either govt should act on a daily basis on this or wait till its name go down in drain with supreme court ordered probe. NPA is a big scam if Govt doesn’t commit all resources and a team with combination of CAG, Income Tax, ED, CBI, SEBI and Economics offences wing to fix issue by reporting on daily basis to PM & FM. Even Finance ministry must not be intimated as news will leak outside.
•Around 1 lakh crores if recovered from NPA over a period of one year will be a big number and will boost the Indian economy and also even if does not increase significantly will definitely save the economy from falling. US Economy will enter recession soon due to elections and poor decision making by Obama on Economic front and also oil prices have started increasing as some companies which depend on oil for revenue have no other way to artificially improve oil prices by reducing production.
•So Govt if finds way to recapitalise banks by recovering money from NPA defaulters will help.
•Previous finance minister saying that NPA is due to stuck projects. But some were not stuck project they got stuck due to some people and some reasons which were created by unknown people. The unknown people have to be found out it can be multiple people. Hence a multi-lateral probe setup can only bring this issue down. People want real action not just quick reaction by Govt and issue gets forgotten then it will impact the source of revenue to your Govt also in big way to prevent development in long run.
•Ask banks to say why many are not notified as wilful defaulter whom are they afraid or ask finance ministry to take full list and explain. I can get that the banks top boards are directly involved in NPA problems as they get commission on large money disbursed other than SBI I have doubts in all banks. Some of banks boards and chairman involved in NPA even quit their jobs some could have even retired or moved to another bank. But govt must track down. There are some people from earlier Finance ministry also involved. So you cant sit on the NPA issue like any other casual case. It is a very big one. The govt must enthuse all agencies to work hard or wait till supreme court appoint CBI to come and take the issue and blow up in all directions but will take years to fix by then banks will start going in drain.
•Investigating NPA issue will help the Govt create a system wherein banks when they give loans more than 100 crores are notified to Finance Ministry, RBI as precautionary measure and help avoid giving loans to big shots to reduce overall loss. RBI cant go and hide saying that govt is only responsible for controlling PSB as RBI failed in its monitoring of banks activity with poor staff and poor IT infrastructure or ask banks to report the loss immediately. RBI did the easy jobs of asking banks to close losses in accounts hence helping the NPA accounts to go free walk. When an individual doesn’t pay his credit bill for one month so much interest rate is charged, when a farmer cant pay loans he dies, when a house owner cannot pay his home loan he dies with family and insulted by banks like anything but see the huge amount of money siphoned off by many individuals and corporates.
•The case of Mallya getting loan of several crores is clearly a work of several banks pressured to give him loan under consortium and the money was diverted away from India to safe heavens but neither did Income Tax Dept. or ED or CBI or economic offences wing did any action. All are blinking since it involves several big shots. Defaulters generally find ways to escape by saying loopholes. The question who pressurised banks to give loans of a huge value in spite of not making sure of repaying capacity.
•NPA issue can be fixed with current laws and power of banks and existing courts we don’t need new laws to fix the issue immediately. The NPA issue is a big list if you start with 50 crores and more can help solve the issue but if you restrict to those with more than 100 crores you can help economy recover in a big way.
•Govt banks are under Finance ministry and govt lawyers have not been pushed into action to raid these entities and wilful defaulters have not been arrested. Only if you arrest only then they will make efforts to pay. Why just bring the entire board into the case and the owner and major stake holders as they control the company.
•Either govt should act on a daily basis on this or wait till its name go down in drain with supreme court ordered probe. NPA is a big scam if Govt doesn’t commit all resources and a team with combination of CAG, Income Tax, ED, CBI, SEBI and Economics offences wing to fix issue by reporting on daily basis to PM & FM. Even Finance ministry must not be intimated as news will leak outside.
•Around 1 lakh crores if recovered from NPA over a period of one year will be a big number and will boost the Indian economy and also even if does not increase significantly will definitely save the economy from falling. US Economy will enter recession soon due to elections and poor decision making by Obama on Economic front and also oil prices have started increasing as some companies which depend on oil for revenue have no other way to artificially improve oil prices by reducing production.
•So Govt if finds way to recapitalise banks by recovering money from NPA defaulters will help.
•Previous finance minister saying that NPA is due to stuck projects. But some were not stuck project they got stuck due to some people and some reasons which were created by unknown people. The unknown people have to be found out it can be multiple people. Hence a multi-lateral probe setup can only bring this issue down. People want real action not just quick reaction by Govt and issue gets forgotten then it will impact the source of revenue to your Govt also in big way to prevent development in long run.
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