Diabytes
PSU loan defaults News
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Saddled with mounting bad loans, as many as 16 public sector banks, including PNB, BoB and Canara Bank, skipped paying dividend in 2015-16, leading to three-fold decline in government receipts to Rs 1,444.6 crore.
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A consortium of banks including SBI today told the Supreme Court that beleaguered businessman Vijay Mallya had deliberately not made full disclosure of his assets including USD 40 million which he received in February from a British firm.
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Stressing on need to continue with sound domestic policies and reforms, RBI Governor Raghuram Rajan today said banks' asset quality stress has to be dealt first in order to revive the credit growth.
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Public Sector Banks( PSUs) are going to get greater support from government in their struggle to recover bad loans.
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Amid 10 state-run lenders suffering losses of over Rs 15,000 crore in the March quarter, Finance Minister has promised greater capital support to banks while warning that defaulters cannot be allowed to "sleep well", leaving all the worry to bankers.
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CBI is planning to file multiple chargesheets against Vijay Mallaya as it has brought under its one FIR the cases of his alleged loan default, of now defunct Kingfisher Airlines, with various banks of over Rs 9,000 crore.
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The Ethics committee of Parliament took up the issue of beleaguered businessman Vijay Mallya, who is facing legal proceedings for alleged loan defaults by his group to the tune of over Rs 9,000 crore, and gave him a week to respond why his membership of the Upper House should not be terminated.
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Indian liquor baron Vijay Mallya, who owes Rs. 9,000 crores to various banks in the country, has been living at a $15 million mansion (around Rs 100 crore at INR-USD rate of 66.5275) in England`s Hertfordshire county.
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Disclosing his overseas wealth details, Vijay Mallya told the Supreme Court on Thursday that his collective family assets abroad amounted to Rs 780 crore.
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Rejecting the charge that Vijay Mallya siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI bank for acquiring property abroad., the UB Group said it would provide full details of foreign exchange remittances in the next few days.
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