National
No loan waiver for capitalists, says Jaitley
New Delhi, Nov 28 (IANS) Finance Minister Arun Jaitley on Tuesday denied that the government had waived off bank loans of big capitalists and asserted that proceedings had been initiated against 12 largest defaulters for time-bound recovery of dues totalling Rs 175,000 crore.
“Over the last few days, a rumour is being propagated regarding waiver of loans of capitalists by banks… Government has not waived any loans of big NPA defaulters,” he said in a blog post.
“On the contrary, under the new Insolvency and Bankruptcy Code, cases have been instituted in the National Company Law Tribunal for time-bound recovery from 12 largest defaulters in six to nine months (to the tune of) Rs 1,75,000 crore,” he said.
Responding to criticism on recapitalization of banks, Jaitley said it did not mean waiving the NPA loans and that public sector banks had been provided capital in the past as well.
“During 2010-11 to 2013-14 too, the government provided banks an amount of Rs 44,000 crore for recapitalization. Was that also for waiving off loans of capitalists?”
The Minister accused the erstwhile UPA government for the NPA crisis and said state-run banks disbursed disproportionate sums of loans to several industries between 2008 and 2014.
“The public needs to ask the rumour mongers at whose behest or under whose pressure were such loans disbursed. They should also be asked that when these debtors delayed in repayment of their loans and interest thereon to Public Sector Banks, what decision was taken by the then government,” Jaitley said.
Instead of taking a firm decision with regard to such debtors, the UPA government kept these defaulters as non-NPA account-holders and kept the loss to banks hidden, he said.
“The banks kept giving loans repeatedly to these debtors and kept ever-greening the loans.”
He said that through correct recognition of NPA, the NPA amount of Public Sector Banks rose from Rs 278,000 crore in March 2015 to Rs 733,000 crore in June 2017, “thereby meaning that those loans of about Rs 454,466 crore, which were actually fit to be NPA and were under the carpet, were recognised.
“At the same time, banks were given necessary capital so that Public Sector Banks become strong and capable of contributing to nation’s development,” he said.
Jaitley said the government decided to go for capitalizing state-run banks with an aim to increase credit off-take and create jobs.
According to the government’s plan, Rs 211,000 crore would be infused into the banking system within two financial years with maximum allotment in the current year.
This would be arranged through Rs 135,000 crore of recapitalization bonds and Rs 18,139 crore of budget provision, with the balance coming from raising of capital from the market by diluting government shareholding.
“Through capital infusion, banks weakened by NPAs would become strong and capable of raising adequate capital from the market. For receiving this capital, banks will have to carry out several reforms so that such situations do not recur,” Jaitley added.
–IANS
vv/vsc/mr
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
