1913 wilful defaulters together owe Rs 1.46 LAKH CRORE to banks as on Jun 2020: RBI

Agencies
December 17, 2020

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Hyderabad, Dec 17: The Reserve Bank of India (RBI) has said there are 1,913 wilful defaulters, who together owed Rs 1.46 lakh crore to banks as on June 2020.

Pune-based RTI activist Vivek Velankar had filed the RTI application with RBI to get information on wilful defaulters.

He said, "The information shared by RBI reveals that there are 264 wilful defaulters who defaulted on a loan of Rs 100 crore and above owe Rs 1,08,527 crore to banks.

Sharing with UNI, the RBI information to Mr Velankar, All India Bank Employees' Association (AIBEA) General Secretary Ch Venkatachalam on Thursday said, 'While the common borrowers are struggling with repaying equated monthly instalments (EMIs) of their loans and also face harassment for missing a single EMI, big and wilful defaulters seem to not only go scot-free but also 'live life king-size' without any worry or fear of any action due to the the banks, especially the public sector banks (PSBs), turning a blind eye on these lapses.'

He said there are 23 defaulters with an outstanding of over Rs 1,000 crore and their dues accrue to Rs 43,324 crore.

Wilful defaulters who owe between Rs 500 crore to Rs 1,000 crore to banks are 34 and their outstanding is Rs 22,105 crore.

There are 207 wilful defaulters in the Rs 100 crore to Rs 500 crore default range and together they owe Rs 43,095 crore to Public Sector Banks.

RBI told Mr Velankar that the concerned banks have filed cases to recover their dues from these wilful defaulters. While RBI shared this information under the RTI, Mr Velankar felt since banks are submitting these lists of wilful defaulters under a regulatory mandate, the central bank should suo motu publish this information on its website to create awareness among citizens and bank customers.

Topping the wilful defaulters' list is Mehul Choksi's scam-hit company Gitanjali Gems Limited, which owed Rs 5,747.05 crore, besides other group companies, Gili India Limited and Nakshatra Brands Limited, which had taken loans of Rs 1,446 crore and Rs 1,109.16 crore, respectively.

The second on the list is REI Agro Limited, with an amount of Rs. 3,516 crore, and its Directors Sandip Jhujhunwala and Sanjay Jhunjhunwala are already under the scanner of the Enforcement Directorate (ED) for the past more than a year.

The next on the list is Frost International Limited with an outstanding of Rs 3,097.64 crore.

It is followed by the absconding diamantaire Jatin Mehta's Winsome Diamonds & Jewellery owing Rs 2,975.73 crore and which is being probed by the Central Bureau of Investigation (CBI) for various bank frauds.

Kanpur-based writing instruments giant, Rotomac Global Private Limited, part of the famed Kothari group, is next on the list with an outstanding of Rs 2,530.95 crore.

The others among the top-10 wilful defaulters include, Kudos Chemie, Punjab (Rs 1,948.12 crore), ABG Shipyard Limited (Rs 1,874.90 crore), Transstroy (India) Limited (Rs 1,861.11 crore) and Forever Precious Jewellery and Diamonds Private Limited (Rs1,653.25 crore).

Another bad-boy of bank defaults, Vijay Mallya’s Kingfisher Airlines Limited is at the 15th place on the list with dues of Rs 1,335.26 crore.

Interestingly, the outstanding debts are higher compared with the information shared by the All India Bank Employees Association (AIBEA) in July this year, Mr Venkatachalam said.

As part of its nationwide campaign to celebrate the bank nationalisation day, the AIBEA had released a list of wilful defaulters of the PSBs.

The Mehul Choksi-owned Gitanjali Gems Limited, with its default of Rs. 4,644 crore to the Punjab National Bank (PNB) topped the list.

It was followed by ABG Shipyard Limited (Rs1,875 crore, owed to the State Bank of India-SBI), REI Agro Limited (Rs 1,745 crore, UCO Bank), Ruchi Soya Industries Limited (Rs1,618 crore, SBI), Gili India Limited (Rs1,447 core, PNB), Winsome Diamonds & Jewellery Limited (Rs 1,390 crore, Central Bank of India CBI), Kudos Chemie Limited (Rs1,301 crore, PNB), Nakshatra Brands Limited (Rs 1,109 crore, PNB), Coastal Projects Limited (Rs 984 crore, SBI) and Winsome Diamonds & Jewellery Limited (Rs 892 crore, PNB).

These top 10 defaulters together had an outstanding of Rs 17,005 crore to state-run lenders.

Information provided by RBI to Mr Velankar does not reveal names of the banks who had given these loans, the top union leader however said, data shared by AIBEA shows that among the 17 public sector lenders, SBI has the highest number of wilful defaulters at 685, who together had defaulted on loans of Rs 43,887 crore.

It is followed by PNB, which has 325 wilful defaulters with an outstanding of Rs 22,370 crore.

The data shared by the bank employees’ union, however, has no information about wilful defaulters in Union Bank of India (UBI) and IDBI Bank Limited.

Earlier, UBI, which had written off Rs. 26,027 crore as bad loans in past years, have stalled an RTI query from Mr Velankar on recoveries and on sharing names of big defaulters’ whose bad debt of Rs 100 crore and above were written off.

"Public sector banks as well as the union government need to show some willingness and take steps to recover these dues from wilful defaulters. In fact, if the cases against wilful defaulter are decided in a fast-track court, then just from 264 wilful defaulters, banks can recover over Rs 1.08 lakh crore," Mr Velankar, who is also the president of the Sajag Nagrik Manch, said.

Comments

chan
 - 
Friday, 18 Dec 2020

it also means that those bankers are incapable of doing proper due diligence of borrowers and choosing honest right borrowers.
Or the bankers colluded & connived with borrowers and looted the banks;

In any case, those bank officials should be booked and brought before law equally as hard core criminals on par with those dishonest defaulting borrowers .

Over all, blame the govt, RBI for their lame laws, policies & people

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News Network
November 21,2024

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Khalil had been admitted to Aster Hospital in Mankhool on Tuesday after experiencing severe leg weakness. Despite the best efforts of the medical team, he succumbed to a double heart attack that worsened his condition, his son Rais Ahmed confirmed.

The news of his passing has sent waves of grief across communities, particularly in his hometown of Bhatkal, Karnataka, where he was a celebrated figure. Tributes have been pouring in on social media, highlighting his significant contributions to international trade, social service, and education.

A Legacy of Leadership and Service

A chartered accountant by profession, Khalil was a founding member of the Dubai chapter of the Institute of Chartered Accountants of India (ICAI), where he served as chairman from 1987 to 1994. His illustrious career included key leadership roles, such as general manager of Khaleej Times, group executive director of the Ilyas and Mustafa Galadari Group, and vice-chairman of the Jashanmal Group of Companies.

He also chaired Maadhyama Communications and Sahil Online, a web-based news platform, and was a director and trustee of several media companies and charitable organisations in Dubai and India.

A Champion for Education and Philanthropy

Khalil’s impact extended far beyond his professional achievements. As president and general secretary of Anjuman Hami-e-Muslimeen, he played a pivotal role in the development of educational institutions, including schools and colleges in Bhatkal and surrounding areas. His dedication to social upliftment earned him recognition from the Government of Karnataka, which honoured him with a prestigious award for his philanthropic contributions.

A Life Celebrated

The Bhatkal Muslim Khaleej Council (BMKC) recently released a documentary celebrating Khalil’s remarkable life and service to the community—a testament to his enduring legacy.

CA Khalil is survived by his family and countless admirers across the globe. His passing marks the end of an era for Indian expatriates in the UAE and beyond, leaving behind a legacy of leadership, generosity, and commitment to community service.

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News Network
November 15,2024

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Iran’s Islamic Revolution Guards Corps (IRGC) has killed or captured 69 terrorists linked to the Israeli spy agency Mossad during a major counterterrorism drill in the country's southeast, its spokesman says.  

General Ahmad Shafaei, the spokesman for the “Martyrs of Security” drill, said Friday that a total of 23 terrorists have been killed and another 46 arrested in various clean-up operations ever since the IRGC Ground Force launched it in the Sistan and Baluchestan province on November 1.

Seven terrorists have also turned themselves in during the period.

“The undeniable fact about terrorists is that they rely on arrogant powers, particularly the intelligence service of the wicked and vicious Zionist regime," Shafaei said.

“Unfortunately, weapons and munitions at terrorists’ disposal are among the most sophisticated ones in the world. This accounts for their heavy dependence.” 

The official stated that several members of the disbanded terror teams were non-Iranian nationals, who had been hired by foreign intelligence agencies to carry out acts of sabotage and terror inside Iran.

In a most recent operation, six terrorists were arrested and four others were eliminated, three of whom were non-Iranians, he added. 

On October 26, ten members of Iran's law enforcement forces were killed in a terrorist attack in the Gohar Kuh district of Taftan in the Sistan and Baluchestan province.

The so-called Jaish al-Adl terrorist group claimed responsibility for the assault, which was one of the deadliest in the province in recent months.

The group has carried out numerous terrorist attacks in Iran, primarily in Sistan and Baluchestan.

Its tactics include the abduction of border guards as well as targeting civilians and police stations within the province to incite chaos and disorder.

In January, Iran launched a military operation during which the headquarters of the Pakistan-based terrorist group was targeted in missile strikes, destroying its infrastructure.

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News Network
November 12,2024

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The Palestinian Hamas resistance movement says its fighters have killed at least 20 Israeli soldiers in northern parts of the besieged Gaza Strip in just two days, in retaliation for the occupying regime’s genocidal war on the Palestinian territory.

In a statement on Monday evening, Hamas said that fighters of its military wing, al-Qassam Brigades, “killed at least five occupation soldiers” in northern parts of the coastal territory earlier in the day.

It added that Hamas fighters also killed 15 Israeli soldiers in the war-ravaged region on Sunday.

The resistance movement’s “qualitative operation … confirms once again the failure of the criminal Zionist entity to suppress and eradicate the Palestinian resistance, which continues to direct qualitative strikes against its terrorist soldiers,” Hamas further said on its Telegram channel.

Palestinians have increased their resistance operations in the face of intensified Israeli aggression in northern Gaza that has claimed the lives of more than 1,000 over the past weeks.

“Our valiant resistance is waging a war of attrition with the criminal enemy, inflicting daily losses on its soldiers and vehicles, and all of [Israeli prime minister Benjamin] Netanyahu’s bets and dreams of achieving any of his goals are failing,” the Gaza-based resistance movement added.

Hamas also vowed that Israel’s ongoing crimes and aggression against Gaza would be met with increased resistance and painful strikes, which will continue until the aggression against Palestinians ends and the regime fully withdraws from the blockaded territory.

As the war in Gaza enters its 14th month, the Health Ministry reports that Israeli attacks have killed at least 43,603 Palestinians and wounded 102,929 others.

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