National
No plans to waive corporate loans: Minister
New Delhi, Dec 29 (IANS) The government has no plans to waive off corporate loans and banks while banks have advised to either resolve their issue of non-performing assets (NPAs), or stressed loans speedily, or start insolvency proceedings in this regard, Parliament was informed on Friday.
In a written reply to the Lok Sabha, Minister of State for Finance Shiv Pratap Shukla also said that the stressed advances ratio of banks fell to 11.75 per cent by end-September, from 12.1 per cent by the end of June this year.
“No proposal for waiver of corporate loan is under consideration of the government,” he said.
Referring to data from the National Company Law Tribunal, Shukla said that 2,434 fresh cases had been filed with it till end-November and 2,304 cases of winding up of companies have been transferred from various high courts since the Insolvency and Bankruptcy Code, 2016, came into force.
Of these, 2,750 cases had been already disposed of, while 1,988 cases were pending up to the end of November.
Shukla also said the Reserve Bank of India (RBI) has already identified 12 accounts adding up to 25 per cent of the NPAs for insolvency proceedings under the Insolvency and Bankruptcy Code which provides for a time-bound insolvency resolution process. These 12 accounts constituted about 25 per cent of the gross NPAs of the banking system.
Also on Friday, replying to the debate in the Lok Sabha before it passed the amendments to the IBC, Finance Minister Arun Jaitley said that banks and creditors would need to take a “haircut” on their bad loans, even as defaulting promoters could make their businesses operational again by paying the outstanding interest on the loan,
A haircut signifies accepting a lower than market value for the asset for a resolution of the NPA.
Bad loans of state-run banks amounted to a staggering Rs 7.34 lakh crore by the end of second quarter of the current fiscal ended September, most on account of corporate defaulters, as per official data.
RBI data last week, however, showed that NPAs of private sector banks stood at a much lower level of around Rs 1.03 lakh crore by the end of the July-September quarter.
It said leading corporate entities and companies accounted for around 77 per cent of the total gross NPAs of banks from domestic operations.
Among the major government-owned banks, State Bank of India had the highest level of NPAs at over Rs 1.86 lakh crore, followed by Punjab National Bank (Rs 57,630 crore), Bank of India (Rs 49,307 crore), Bank of Baroda (Rs 46,307 crore), Canara Bank (Rs 39,164 crore) and the Union Bank of India (Rs 38,286 crore).
Up to end-September, among private banks, ICICI Bank had the most amount of NPAs at Rs 44,237 crore, followed by Axis Bank (Rs 22,136 crore), HDFC Bank (Rs 7,644 crore) and Jammu and Kashmir Bank (Rs 5,983 crore).
–IANS
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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.
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