Loot by bad corrupt business through banks
Yesterday, banks wrote off 50,000 cr loans by the Videocon group & sold the company for 5000 cr.
Today banks wrote off ~ 5000 cr loans by Siva group & sold the company back to him for 500 cr taking 5 cr upfront.
If banks can afford this, why can't they also waive off my ₹20 lacs loan? more
Loan recovery may turn into a game. Take for example, home loans - they may become NPA due to factors that may not be well within the control of borrower(s). Lender, say a bank need to devise certain mechanism(s) to solve such issue(s). Lender, for example may take the property (i.e the home) and call for an auction and sell the property (i.e the home) - in certain cases borrower can also become one of the purchasers if it fits his interests. So issue of NPA gets solved. However lots of banks/lenders donot adopt such mechanisms immediately and allow their system to escalate the outstanding amount and the difficulties continue. more
Total mismanagement of public sector banks by corrupt politicians, ministers and highly paid corrupt officials. By v vertue of this bad deed today all PSB are in deep loss. Poor man, whose tax paid money is totally misused, by corrupt officials by lending to non- recoverable loanees. Today penalizing ordinary citizens by levying various charges even for withdrawing their own money. more
Unprecedented transparency required, not only in terms of rapidity with which disclosures should happen but also the grounds to be raised should disclosures not permitted, under circumstances such as existence of fiduciary relationships or so. At many times such fiduciary relationships work to others disadvantages and becomes increasingly difficult to find merits in them. more
This is the most prevent modus operandi of corruption which still continues. None is willing to address it with details. Recently, a huge amount in crores was paid merely as the hire charges of a high end aircraft which was kept at waiting for bringing Mahul Ckoksi. Such probabilities of events also cost us hugely. No one asks for the cost incurred by the govt on likely recovery of loans which eventually do not take place. more
Mittal ji you are a common man. start by having a politician in your pocket and then start bribing banks. No action is taken against the corrupt as they divide the loot amongst all concerned. It is your money that is being looted. more