Home Business AIBEA to name willful defaulters of Rs 1.4 trillion loans

AIBEA to name willful defaulters of Rs 1.4 trillion loans

The All India Bank Employees’ Association (AIBEA), a major union in the banking sector, will soon be releasing a list of about 2,400 willful bank loan defaulters with a total due of about 140,000 crores, said a top union official.

“As part of celebrating the 51st anniversary of bank nationalization on July 19, we will be releasing a list of willful bank loan defaulters. The list has about 2,400 borrowers who have borrowed Rs five crore and above from banks and declared as willful defaulters by the lenders,” C. H.Venkatachalam, General Secretary, told IANS.

According to him, the gross non-performing assets (NPA) of the banking sector until 2019 was Rs 739,541 crore.

Venkatachalam said apart from releasing the wilful defaulter’s list, the union will be holding programs like national Webinar on July 19 through AIBEA’s Facebook page; circulation of e-Leaflets/pamphlets in regional languages; display of posters at branches; mass petitions to Prime Minister and badge-wearing on July 20, 2020.

It was on July 19, 1969, 14 major private banks were nationalized by the Indian government, from when these banks started chartering a new path with social orientation, he said.

According to him, the number of bank branches has grown to 156,349 now from 8,200 in 1969. The priority sector lending is at 40 percent now as against zero percent prior to nationalization.

He also said the deposits and advances which were at Rs 5,000 crore and 3,500 crores in July 1969, have now grown to Rs 138.50 lakh crore and Rs 101.83 lakh crore respectively.

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