Supreme Court asks Centre to give details of recovery cases filed by banks
PrintListen to this Article
A bench headed by Chief Justice T S Thakur also sought a response on the question as to whether the recovery tribunals are equipped to decide the loan recovery cases within a fixed time frame, stipulated under the law.
It had earlier said that non-performing assets amount to lakhs of crores of rupees as the recovery mechanism is not upto the mark and the facilities at DRTs and Debt Recovery Appellate Tribunals (DRATs), meant for recovering bad loans of financial institutions, are poor.
"There are lakhs of crores of rupees as NPAs and one of the reasons for their non-recovery is that the mechanism for recovery is not upto the mark," it had said.
Earlier, the court had reserved its order on one of the issues, raised in the PIL, relating to lack of infrastructure, manpower and other facilities at DRTs and DRATs which deal with banks and FIIs' loan recovery petitions.
It was hearing the PIL, filed in 2003 by the Centre for Public Interest Litigation (CPIL), which had originally raised the issue of loans advanced to some companies by state-owned Housing and Urban Development Corporation (HUDCO).
The plea had said that about Rs 40,000 crore of corporate debt was written off in 2015. #casansaar (First Post)
Category : Banking | Comments : 0 | Hits : 337
The Financial Intelligence Unit-India (FIU-IND), in furtherance of the powers conferred upon the Director FIU-IND under Section 13(2)(d) of the Prevention of Money Laundering Act (PMLA), 2002, has imposed a monetary penalty of Rs. 5,49,00,000 (rupees five crore forty nine lakh) on Paytm Payments Bank Ltd with reference to the violations of its obligations under the PMLA read with the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules) issued thereunder and applicable ...
The government on Monday informed the Lok Sabha that all Scheduled Commercial Banks have written off nearly Rs 10.6 lakh crore in the last 5 years, out of which nearly 50 per cent belong to large industrial houses. It also said that nearly 2300 borrowers, each having a loan amount of Rs 5 crore or more, wilfully defaulted around Rs 2 lakh crore. As per the Reserve Bank of India (RBI) guidelines and policy approved by bank boards, NPAs, including those in respect of which full provisioning has...
The government has cleared the extension of tenure of managing directors of two public sector lenders -- Bank of Maharashtra (BoM) and Central Bank of India. According to sources, Appointments Committee of the Cabinet (ACC) has approved extension of term of office of A S Rajeev, MD and CEO of BoM, for six months till his superannuation. Besides, sources said, ACC has extended the term of M V Rao, MD and CEO of Central Bank of India, till July 31, 2025.
The Central Bureau of Investigation (CBI) has started probe into the multi-crore banking fraud in which a former Punjab National Bank (PNB) employee, M.P. Rijil, allegedly swindled ?21 crore from multiple bank accounts, including the eight accounts maintained by the Kozhikode Corporation. The case is being investigated by the Kochi unit of the CBI in compliance with an earlier order issued by the Kerala High Court. The case, which was initially investigated by the Kozhikode Town poli...
The Enforcement Directorate (ED) on Saturday arrested two promoters of a Chandigarh-based pharma company, who are also the co-founders of the Sonepat-based Ashoka University, and a chartered accountant in a money-laundering probe linked to an alleged bank fraud. Official sources said the central agency also continued with its searches against the group for the second day, including at the Ashoka University's corporate and registered offices in Delhi and campus in Sonepat. Parabolic Dru...
Comments