- India beat Bangladesh by four wickets to win Nidahas T20 Tri-Series
- Piyush Goyal junks report suggesting airline-like dynamic pricing in railway
- Bypoll defeats no referendum on BJP policies, programmes: Yogi
- NDA messed up economy, mismanaged JK: Manmohan Singh
- Putin eyes fourth term as Russians go to polls
- 3 AIIMS doctors enroute to Agra killed in accident on Yamuna e-way
- Five civilians killed in Pakistan firing on LoC
Make wilful defaulters public, Govt to banks
Tightening the noose around wilful defaulters, the Government has asked banks to ‘name and shame’ such borrowers by publishing their photographs and other details in newspapers.
The Finance Ministry has written a letter to all state-run banks directing them to take board approvals for publication of photographs of such defaulters.
Sources quoting advisory of the Finance Ministry said, “Lending institutions shall formulate a policy with the approval of their board of directors which clearly set out the criteria for publication of photographs of wilful defaulters.”
The number of wilful defaulters, who did not repay loans to public sector banks (PSBs) despite the capacity to do so, rose to 9,063 at the end of December 2017.
The amount involved for PSBs is reported at Rs 1,10,050 crore, Minister of State for Finance Shiv Pratap Shukla had said in a written reply in the Lok Sabha.
Taking forward its fight against wilful defaulters, the Government last week directed banks to seek passport details of borrowers taking loans of Rs 50 crore and more. Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country.
“Next step in clean and responsible banking. Passport details must for loans above Rs 50 crore. Step to ensure quick response in case of fraud,” Financial Services Secretary Rajiv Kumar had said.
For all existing loans of over Rs 50 crore, banks have been asked to collect passport details of borrowers within 45 days, he added.
Several big defaulters like Nirav Modi, Mehul Choksi, Vijay Mallya and Jatin Mehta have fled the country putting the recovery mechanism in quandary.
The government has tabled the Fugitive Economic Offenders Bill after Nirav Modi and his uncle Mehul Choksi allegedly defrauded state-owned Punjab National Bank (PNB) of Rs 12,700 crore and left the country and are refusing to cooperate with law enforcement agencies.
The proposed fugitive law aims to impound and sell assets of Nirav Modi-type escapees with a view to quickly recover dues. It also will apply to defaulters who have an outstanding of Rs 100 crore or more and have escaped from the country.
The Finance Ministry has also directed public sector banks (PSBs) to probe all NPA accounts of over Rs 50 crore for possible fraud and accordingly report the cases to CBI.
- Mcap of 6 of 10 most valued cos drops by Rs 52,000 crore 19 Mar 2018 | PTI
- Hindustan Infralog acquires 90% stake in Continental Warehousing 19 Mar 2018 | PTI
- Mining ban to affect India's competitiveness in international market, say ind stakeholders 19 Mar 2018 | PTI
- Tata Motors plans to drive in new products to expand mkt presence 19 Mar 2018 | PTI
- PwC suggests timebound dispute resolution under GST 19 Mar 2018 | Manoj Raghvanshi
- Electric car ind needs practical strategy: Report 19 Mar 2018 | PTI
- New NPA rules: Power producers' body accuses RBI of overruling House panel 19 Mar 2018 | PTI
- AAI prepares for higher capex; eyes Rs 1,500 cr loans 19 Mar 2018 | PTI
- TRAI to revamp MNP process; discussion paper by month-end 19 Mar 2018 | PTI
- Anti-dumping duty imposed on Ofloxacin import from China 19 Mar 2018 | PTI
Sunday EditionView All
18 Mar 2018 | PNS
AAI conducts international workshop for utilizing GAGAN In keeping with the Prime Minister’s objective of using technology as a means of development and co-operation, Airports Authority of India has now offered GPS-aided Geo Augmented Navigation (GAGAN) to SAARC and Southeast Asian countries in order to allow them to reap the significant benefits that accrue from such an advanced navigation system. AAI conducted a two-day workshop on March 15 and 16, 2018...
STATE EDITIONSView All
19 Mar 2018 | Staff Reporter | Bhopal
Leader of the Opposition in the state assembly Ajay Singh said that the claims of women well-wisher Chief Minister Shivraj Singh are deceiving as miscreants with minor offences are arrested with immediate effect, but in the matter related to a minister's son, Chouhan says enquiry would be conducted He further alleged that prime facie, minister's son was responsible for Preeti Raghuvanshi’s suicide. Chief Minister Shivraj Singh Chouhan today instructed police officials to...