Even as the RBI has been pushing for an action plan to implement the NPA (non-performing asset) ordinance, banks have reportedly been slow in taking legal recourse to recover bad loans in FY17. Finance Minister Arun Jaitley may meet chiefs of PSBs in this regard on June 12.
According to the data published by Credit Information Bureau of India, of the 9,500-odd cases filed by banks and financial institutions, in the case of loans above Rs1 crore, defaulters owed banks about Rs 1.5 lakh crore as of March 2017, which is 9 percent lower than the amount in the previous year.
As of March 2017, the top 20 borrowers owed banks about Rs 13,600 crore.
Hukumchand Mills tops the list, owing around Rs 1,700 crore to largest lender SBI. This is followed by Etisalat DB Telecom, Kingfisher Airlines, KS Oils, JC Mills and VMC Systems, among others.
Many of the defaulters in the CIBIL list have been featuring time and again over the last two to three years. Kingfisher Airlines, Etisalat DB Telecom, and Deccan Chronicle are a few names that have been on the list since March 2014. In many cases, borrowers have defaulted across lenders. SBI, Kotak Mahindra Bank, and IFCI are lenders that have filed cases against Hukumchand Mills, for total dues of about Rs1,750 crore.
Etisalat DB Telecom (Rs 2,273 crore), Kingfisher Airlines (Rs 1,633 crore), Deccan Chronicle Holdings (Rs 760 crore), and REI Agro (Rs 2,725 crore) are among other big-ticket listed names against whom multiple lenders have filed suits.
As of December 2016, LIC, too, had filed 30-odd cases against defaulters, who owed the insurer about Rs 3,340 crore. Deccan Chronicle, Hamco Mining and Smelting, Punjab Wireless, Tulip Telecom and REI Agro were some of its top defaulters.
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PSBs slow down recovery of loans in FY17
By IndianMandarins - 2017-05-29 08:00:18
Even as the RBI has been pushing for an action plan to implement the NPA (non-performing asset) ordinance, banks have reportedly been slow in taking legal recourse to recover bad loans in FY17. Finance Minister Arun Jaitley may meet chiefs of PSBs in this regard on June 12.
According to the data published by Credit Information Bureau of India, of the 9,500-odd cases filed by banks and financial institutions, in the case of loans above Rs1 crore, defaulters owed banks about Rs 1.5 lakh crore as of March 2017, which is 9 percent lower than the amount in the previous year.
As of March 2017, the top 20 borrowers owed banks about Rs 13,600 crore.
Hukumchand Mills tops the list, owing around Rs 1,700 crore to largest lender SBI. This is followed by Etisalat DB Telecom, Kingfisher Airlines, KS Oils, JC Mills and VMC Systems, among others.
Many of the defaulters in the CIBIL list have been featuring time and again over the last two to three years. Kingfisher Airlines, Etisalat DB Telecom, and Deccan Chronicle are a few names that have been on the list since March 2014. In many cases, borrowers have defaulted across lenders. SBI, Kotak Mahindra Bank, and IFCI are lenders that have filed cases against Hukumchand Mills, for total dues of about Rs1,750 crore.
Etisalat DB Telecom (Rs 2,273 crore), Kingfisher Airlines (Rs 1,633 crore), Deccan Chronicle Holdings (Rs 760 crore), and REI Agro (Rs 2,725 crore) are among other big-ticket listed names against whom multiple lenders have filed suits.
As of December 2016, LIC, too, had filed 30-odd cases against defaulters, who owed the insurer about Rs 3,340 crore. Deccan Chronicle, Hamco Mining and Smelting, Punjab Wireless, Tulip Telecom and REI Agro were some of its top defaulters.
