Diabytes
Defaulters News
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Banks have written off Rs 11.17 lakh crore bad loans from their books in the last six years till the financial year 2021-22. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off.
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The Kanpur-based company's owner had taken a loan of more than Rs 800 crore from over five state-owned banks.
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Kothari took a loan of Rs 485 crore from Union Bank of India and a loan of Rs 352 crore from Allahabad Bank.
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The database of the government means all databases where a taxpayer is registered, like a driving license or voter ID, and the local authority means the municipal body or a similar department.
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Indian banks taking 12 of the country`s largest defaulters to bankruptcy court under a central bank directive, will need to make additional provisioning of at least Rs 180 billion ($2.8 billion), India Ratings and Research said on Tuesday.
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The Income Tax department has issued over 850 prosecution notices to firms in the private and government domain in Karnataka and Goa on charges of delay in remitting TDS funds to the exchequer.
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All-India Bank Employees Association (AIBEA) Sunday threatened to make public the names of top 7,000 wilful corporate loan defaulters who have defrauded around Rs 70,000 crore.
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Officials have been directed not to shy away from the rare provisions of arrest, detention and auctioning of attached assets of wilful income tax defaulters.
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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Usha Ispat, owned by Usha Limited came out on top with an outstanding amount of Rs 16,911 crore while the Vijay Mallya owned Kingfisher Airlines surprisingly came in the ninth position.
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A bench headed by Chief Justice T S Thakur had last month directed the central bank to provide a list of companies which are defaulters of bank loans of over Rs 500 crore while expressing serious concern over rise in bad loans.
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The apex court also asked the Reserve Bank of India (RBI) to provide within six weeks the list of companies whose loans have been restructured under corporate debt restructuring schemes.
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Know the complete list of 18 individuals whose names have been issued by the Finance Ministry as tax defaulters.
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The banking sector is currently struggling with high non performing assets (NPAs).
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As many as 7,035 wilful defaulters owe about Rs 59,000 crore to state-owned banks and SBI and Central Bank of India account for bulk of such borrowers.
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Capital market regulator SEBI has ordered attachment of bank and demat accounts of one Shyama Prasad Murarka to recover dues of over Rs 77 lakh for violation of norms.
RBI Thursday said a non-whole time director of a defaulting company can be classified as a wilful defaulter only if there is conclusive proof that the person concerned is in the know of loan default.
Tightening the regulatory noose around wilful defaulters of bank loans, RBI has suggested to watchdog Sebi that such entities should be prevented from raising funds through capital markets.
State-owned United Bank of India will soon embark upon process to 'name and shame' its wilful defaulters as part of its effort to recover dues.
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