According to the sources, there are as many as 7000 corporate bank defaulters in India that owe Indian banks around Rs. 70,000 crores and now the bank union has threatened to bring out the name of all those 7000 defaulters in front of public. According to bank union, these are the willful defaulters. Read the complete report here.

[su_expand more_text=”READ MORE” less_text=” ” height=”0″ hide_less=”yes” link_style=”button” link_align=”center”] According to the news published by the PTI news agency, All-India Bank Employees Association (AIBEA) on Saturday threatened to make public the names of top 7,000 willful corporate loan defaulters who have defrauded around Rs 70,000 crore.

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The union also demanded to file criminal cases against these defaulters. AIBEA General Secretary C H Venkatachalam also said around 10 lakh employees and officials would go on a one-day strike, called by nine unions on July 29 to oppose what he calls the “anti-people banking reforms being pushed by the government.” “Wilful defaulters have taken loans for some purpose but have diverted and misused the money. There are around 7,000 big companies who are wilful defaulters and they owe Rs 70,000 crore to the system. We will reveal their names in a few days,” Venkatachalam said here.

The bank union has accused that the government is not taking the matter seriously and sheltering the big defaulters in this case. “We believe the government is soft on willful defaulters. We want to know why no criminal action is taken against them, but only civil suits are being filed against them?” He called upon the government to declare willful defaults as a criminal offense and take criminal action and recover the money by confiscating their properties.

According to the union, the government needs to take action against all the culprits since the money belongs to the public and not the government or the banks.

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Venkatachalam called for setting up fast-track debt recovery tribunals to resolve the big loan defaults so that the money is recovered fast. “Restructuring a defaulted loan instead of categorizing it as a bad loan is a fraud and cheating the public,” he added.

Opposing the entry of private players into the banking system, he said encouraging such entities to open banks is a dangerous conspiracy to weaken public sector banks.

Source: PTI

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