PM Modi Cannot Cornered On SBI Writing Off the Loan Over Big Defaulters

Hit Brother

8 years ago

Vijay Mallya is living in London now or we can say, hiding in London. Yesterday after 8 days of demonetisation of higher denomination currency note, we have the news of SBI write off the Loan on defaulter like Vijay Malya.

In the DNA, India’s largest public sector bank has dropped more than Rs 7,000 crore, more than 80 per cent of the amount owed to it by its top 100 defaulters, into the Advance Under Collection Account (AUCA) bin for toxic loans.

State Bank of India (SBI) seems to be have started a clean-up of its balance sheets by writing off loans worth about Rs 7,016 crore owed to it by more than 60 of its top 100 wilful defaulters.

While 63 accounts in the list have been fully written off, 31 have been partially written off and six have been shown as non-performing assets (NPAs), reveal documents accessed by DNA. As on June 30, 2016, SBI has written off Rs 48,000 crore worth bad loans. The documents, however, don’t specify the entry time of these “write-offs”.

PM Modi and his government cannot be cornered to this step taken by the SBI. What do we understand with this write-off? The demonetisation was done to protect these defaulters?

In Financial Express, State Bank of India (SBI), the country’s largest public sector lender, has decided to write off loans worth nearly Rs 7,016 crore of as many as 63 wilful defaulters, suggests a report in the DNA. What this means is that loans given to beleaguered tycoon Vijay Mallya’s Kingfisher Airlines, will no longer be shown in the bank’s balance sheet. Mallya’s KFA heads the list of wilful defaulters with SBI, and the airline has outstanding dues of almost Rs 1,201 crore, the report states. Some of the other prominent defaulters who feature in the write-off list are; KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore).

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How could Government allow this? The common man is suffering , standing in the queue to get their hard earned money. We feel ashamed in front of Kejriwal who did say that Government is doing to benefit the people like Vijay Mallya and Lalit Modi.

People of India, if gets angry then they will take the rule in their hand and we may have high protest that may harm many leaders in BJP.

Finance Minister of India says that write off was only in books? What kind of write off is this that only be in books? “It only means that in accounting books, it is listed as a non-performing asset. A write off doesn’t mean forgiving loans. The loan will still be pursued,” Mr Jaitley said in the Rajya Sabha, NDTV Wrote.

Mr. Finance Minister, what will you say on the statement on NDTV about former chairman of SBI, A former chairman of SBI told NDTV that parking loans in the AUCA category is a sign that the bank has more or less given up hope of recovering the Kingfisher money.

Do you believe Indian people are fool, that they don’t understand the meaning of write-off? Its about punishment that these defaulters should get. Give us the list of these defaulters , publie will settled down with their property themselves if Government of India fail to do.

To recover some of the money, the State Bank has tried to auction Mr Mallya’s property. When this will start?

Please don’t deceive the people of India this time, because the consequences will be hazardous for everone.