Diabytes
Bad loan News
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The bank suffered losses allegedly after jewellers Nirav Modi, Mehul Choksi and some bank employees collided to defraud PNB of about Rs 1,000 crore. The scam was unearthed in February 2018.
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The scam-hit lender had posted a staggering loss of Rs 13,417 crore during the corresponding January-March period of 2017-18.
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The bank had posted a net loss of Rs 4,859.77 crore during the corresponding January-March period of the preceding fiscal.
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The public sector lender's net loss in the year-ago period stood at Rs 3,509.63 crore.
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Penalties imposed against the erring officials include dismissal, compulsory retirement and demotion.
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Even Rajan's successor and present RBI Governor Urjit Patel had suggested withdrawal of nominee directors from the boards of public sector banks (PSBs) to avoid any conflict of interest.
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FinMin advisor said bad loan problems is the first priority and after that the PSU banks could be consolidated.
Axis Bank MD and CEO Shikha Sharma today welcomed changes in NPA resolution as moves that will "force" decisions by cutting layers, and also said the bank is looking for one more life insurance distribution tie-up.
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Terming the mounting bad loans as "next big challenge" for the country, Finance Minister Arun Jaitley today said banks should enforce their right and recover dues in the larger interest of the economy.
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The pace of bad loan formation is going to slower resulting in a stable outlook for the Indian banking sector over the next 12-18 months, Moody's Investors Service said.
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It's not hidden from anyone that the Indian banking sector is in a great mess. The earnings numbers from the 25 banks for FY16 have clearly shown that the scenario is not very encouraging.
Reserve Bank is working on a new system for making public the list of wilful defaulters, while a new mechanism is being put in place for out-of-court settlement of bad loan-related disputes, Governor Raghuram Rajan said.
The number of wilful defaulters of PSBs rose from 5,554 to 7,686 in three years to December 2015 while the amount involved more than doubled to Rs 66,190 crore from Rs 27,749 crore.
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The Supreme Court on Tuesday favoured making public the total amount of outstanding loans given by banks to various individuals and entities and running into lakhs of crores of rupees as per the information provided to it by RBI in a sealed cover.
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In a stern warning to wilful defaulters like Vijay Mallya, Finance Minister Arun Jaitley said they should settle their dues honourably with the banks or else be ready to face "coercive action" by lenders and investigative agencies.
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In order to tackle the crisis on bad loans, the Centre is contemplating a revamp on loan defaulters.
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Finance Minister Arun Jaitley on Saturday said that defaulters will not be spared as the government will not write off any bad loans.
As many as 1,624 First Information Reports (FIRs) have been filed with regard to wilful defaults.
Reserve Bank has cut repo rate by 0.75 percent since January but not all banks have passed on the benefit of lower interest rates to customers.
The RBI on Thursday put in place a new framework to check loan frauds including by way of early warning signals at banks and red flagging of accounts, while swindlers will have no access to further banking finance.
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