SBI Waives Off Bad Debts of 7016 Crores
This the tragic contrast one can find only in India where common man stands for hours together in front of banks to get Rs. 4,000 new currency notes while the same banks waive off loans worth Rs. 7,000 Crores just like that of the willful defaulters. Yes, our State Bank of India has got its non-performing assets worth Rs. 7,016 Crores waived off from 63 willful defaulters.
Among them the lion share belongs to Vijay Mallya while the rest include KS Oil (Rs. 596 Crores), Surya Pharmaceuticals (Rs. 526 Crores), GET Power (Rs. 400 Crores) and SAI Info System (Rs. 376 Crores).
The defunct Kingfisher Airlines of Mallya owes a total of Rs. 6,963 Crores to 17 banks (SBI alone has to forgo almost Rs. 1,201 Crores). All in all, SBI is reported to have adjusted its balance sheets by moving the Rs. 7,016 Crores to an Advance Under Collection Account (AUCA).
As per a media report, 29 state owned banks wrote off a total of Rs. 1.14 Lakh Crores bad debts between 2013-15 financial years and SBI topped this list writing off Rs. 40,084 Crores bad debts. That’s the way fraud and fraudsters are given complete freedom in our Independent India.