The overall outstanding amount is more than Rs 2 lakh crore
The Overall Outstanding Amount is More Than Rs 2 Lakh Crore. The erstwhile AP branch of Bank Employees Federation of India organised a press conference on the occasion of Banks Nationalisation Day on Saturday.
The erstwhile AP branch of Bank Employees Federation of India organised a press conference on the occasion of Banks Nationalisation Day on Saturday. The event was attended by representatives of RBI, commercial banks and regional banks who highlighted the NPA (Non Performance Assets) levels of all the public sector banks in India. The representatives expressed concern over the non-payment of high value loans and advances by high profile customers who have defaulted on payments upto Rs 54,000 crore (on loans above Rs 10 crore as advance) and upto Rs 1.46 crore (on loans below Rs 10 crore advance). The overall outstanding amount is more than Rs 2 lakh crore.
P Venkat Ramaiah, general secretary, BEFI, said, “Ever since banks were nationalised in 1969, there was a technological revolution which led to the growth of business. Statistics as on March 31, 2014 suggest that there is Rs 80 lakh crore in deposits, Rs 62 lakh crore in advances and a customer base of Rs 20 crore in deposits. The overall turnover of business is Rs 142 lakh crore with Rs 30 crore customer base, which is a record.”
“Unfortunately due to lethargy by the previous governments, the big fishes are looting public money by defaulting on payments which has resulted in a loss of Rs 2 lakh crore. This is threatening the survival of the public sector banks,” he added.
Giving a list of major defaulters, Venkat Ramaiah, said, “The defaulters include Kingfisher (1737 crore), Eletro Therm India Ltd (1515 crore), Dewa Projects (1379 crore), Sterling Bio-Tech (2854 crore), Surya Vinayak Industries (1180 crore). In erstwhile Andhra Pradesh, the defaulters are Sujana Towers (240 crore), Progressive Constructions (337 crore), Viceroy Hotels (205 crore), ICSA Ltd (538 crore), Deccan Chronicle Holdings (266 crore), Lanco Mandakini Hydro Energy Pvt Ltd (25 crore), Sanghi Polysters Ltd (41 crore) and Regency Ceramics Ltd (32 crore).”