As per media reports , Vijay Mallya has offered to
repay Rs 4000 cr of debt by Sept . I presume he would offer to repay the
balance at some unspecified date
Supreme Court has asked RBI and the lending banks to
come back in a week with their response to Mallya's offer
In a normal course , such restructuring of a loan would
be a routine affair, without anyone in public paying any attention
But these are not " normal " times !
Which bank would dare to be criticized for " being
soft / being in collusion " , after Prime Minister's public announcement
two days back that :
" We will ensure that every rupee of loan is
recovered . We will not let the rich rob the poor and get away "
Apparently , PM wants the lending banks to,
* Go beyond the
symptoms and uncover the true nature of the disease
* Stop worrying
about immediate write-offs and focus on future health
* Ensure that
their soft approach does not set a bad precedent to others
* Surgically cut
the diseased limb to ensure that Cancer does not spread
* Send a loud
and clear message to,
# 72 companies which have failed to service
debt ( Rs 5.53 lakh*crore )
for two
years
# 40 companies which have failed to service
debt ( Rs 2.94 lakh*crore )
for three
years
I can understand why RBI does not want Supreme Court to
reveal the names of companies in default , who have loan outstanding of over Rs
500 Cr . RBI feels that this may have " adverse impact " for business
But what about " adverse impact " for the
public , using whose tax money , 29 Public Sector Banks , quietly wrote-off ,
Rs 1.14 lakh*crore of bad debt between 2013 and 2015 ?
And the " adverse impact " on Central
exchequer by re-capitalizing of these banks , using taxes paid by you and me ?
Shri Arun Jaitley says :
Amount of re-capitalization will be linked to the speed
with which these banks manage to recover their NPAs
I hope , he has also told all banks , in unmistakable
words :
" You will neither restructure these existing
loans to the defaulters nor make any further advances to
# these defaulting companies, or
# its associate companies , or
# directors of these companies ( personal
loans )
# relatives of these directors ( personal
loans )
# persons who are sureties for these
defaulters
You will launch court cases against such defaulters for
repossessing their properties and wherever there are cases of " cheque
bounces " , you will obtain from the courts , " Non Bail-able
Warrants " against such directors
You will share with the public at large , full details
of the defaulters online
You ( bank directors ) will not be paid any salary till
you recover these loans
If you fail to recover in 24 months , you will get a
sack ! "
Dear Shri Jaitleyji :
If anything that I have said above sounds too harsh to
you , just hang on the wall across your table , a photo of any of those
thousands of farmers who are committing suicides , every year because rains
failed and they could not repay their bank loans !
Right below that photo , dynamically display statistics
of :
* Number of
farmers who committed suicide in past 24 hours .............
* Cumulative no
of Farmer suicides , so far , this year.........................
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www.hemenparekh.in / blogs
01 April 2016
-----------------------------------------------------------------------------------
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