New ways to loot public money
Dhoots, the owners of bankrupt Videocon owe Rs. 64,000 crores to taxpayers (banks).
Under the brilliant bankruptcy law enacted by Govt, the banks can recover only 4% of this amount.
The banks ‘decided’ to sell this company to Anil Agarwal’s Vedanta, losing 96% of the dues.
Shouldnt the Dhoots be behind bars till this 64000 crores is returned. I bet you if you add properties in India and overseas in all of the family atleast half can be recovered. more
Under the brilliant bankruptcy law enacted by Govt, the banks can recover only 4% of this amount.
The banks ‘decided’ to sell this company to Anil Agarwal’s Vedanta, losing 96% of the dues.
Shouldnt the Dhoots be behind bars till this 64000 crores is returned. I bet you if you add properties in India and overseas in all of the family atleast half can be recovered. more
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In most of PSU banks there is inefficiency, carelessness, and lack of accountability and over all lack of supervision. A very simple example of working of a PSU bank is as follows: A cheque say for Rs.ABCD is issued by a account holder to an utility provider. Against the cheque an amount of Rs.ACBD(kindly note interchanging in figures) is debited to the account of cheque issuer. This puts the cheque issuer in lot of trouble with the utility provider, who kept on insisting of non-receipt of the cheque amount. At no place there was reconciliation about the cheque amount with the amount realized etc. A complaint made to the bank authorities had no impact on the bank and it never cared to correct the matter despite reminder. There were other cases too of criminal negligence in the banks’ functioning. In shout an urgent need is felt for improving the working of Banking system. This may be done after a survey of banks’ account holders’ experience in banking on various issues. more
Sep 18
There are various grounds due to which a loan can become NPA. These grounds are often found to be not within the control of borrower(s). Many home loan borrowers have also began to face such experiences. In such cases bank(s) takes over the property/properties for which loan is granted and call for an auction (it could also be an e-auction) and many participants in the auction can purchase the properties - sometimes it may turn to be cheaper too for the participants in the auction. A recent advertisement by Bank of Baroda is worth mentioning in this context.Participants in the auction/e-auction are required to register. Its expected that borrowers contributions to builder/developer of the property and recovered amount of the granted loan from banks is returned to borrowers. more
Sep 13
For a small loan, the enterprenuer is required to provide security, but for a big loan borrower, the security norms are relaxed and the result is what we see. more
Sep 05
If the banks sell to Vedanta, how the dues termed as loss? Ownership has changed and amount credited from Vednata's account to banks' account. more
Sep 03
