Chidambaram asks banks to go after 'big' loan defaulters | Business Standard

Chidambaram asks banks to go after 'big' loan defaulters | Business Standard

MY VIEW:

Finance Minister made three significant observations at the 78th Foundation Day celebrations in New Delhi on February 10, 2014::
i)                    We cannot show laxity to wilul defaulters. It cannot be where loans will become non-performing, where borrowers prosper and lenders suffer.
ii)                  “Humongous” capital is required in the future and government is doing its part…Banks have to find their own capital by retaining their profits for capital infusion.
iii)                The amount of NPAs in September 2013 has more than doubled since March 2011.
It is common knowledge that GOI has been milking profit-making public sector undertakings including public sector banks and statutory bodies dry by making unreasonable demands for cash transfer to government or diversion of resources to less profitable avenues. If FM’s expectation at (ii) comes from genuine concern for the health of PSUs, this should be demonstrated by not giving ‘informal’ directions to transfer surplus income/profit to GOI or declare dividends to meet budgeted ‘quota’ of receipts from government-owned organisations.
M G Warrier, Thiruvananthapuram


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