Early Times Report
Jammu, Sept 25: A massive demonstration of all public sector banks employees and officers was held here today at Shalimar chowk, under the banner of Jammu Province Bank Employees Federation. The demonstration was held to highlight employees' demand to take stern action for recovering huge bad loans in the Banking Industry.
The gathering of Bank employees and Officers, was addressed in the first instance by Com.
Arun Kumar Gupta, General Secretary of the Federation, who apprised the employees that at a time when the Government is trying their best to push through their various efforts and proposals to implement banking sector reforms like privatization, mergers, etc., what is really required today is to address and tackle the problems of alarming increase in the bad loans in the Banks.
Comrade Gupta reminded the gathering, the following figures revealed how alarmingly the bad loans in the Banks are increasing.
Last year alone, more than Rs. 50000 crores of bad loans have been sold away to Asset Reconstruction Companies. Sale of NPA is another fraud mechanism. There are proposals to setup bigger ARCs. It is nothing but a camouflage. Recently , for example, in one Bank, NPAs worth Rs. 938 crores were sold to an ARC for Rs. 600 crores purchase consideration, the ARC paid Rs. 30 crores, i.e 5% of the sale price in cash. Balance 95% i.e Rs. 570 crores was agreed to be paid as deferred bond after 10 years subject to realization from the Assets.
Com. Ashwani Pradhan from Officer's fraternity while addressing the gathering demanded that Govt should a) Publish the list of defaulters b) Take stringent measures to recover the bad loans c) Stop sale of Bad loans & d) Start recovery of NPAs.
Those who addressed the demonstration included Com. Vijay Zutshi, Ganesh Kumar, R.K.Bamba, Sumrita Kher, Manjit Singh, T.K.Tikoo, Vinod Gupta, R.K.Bhat, Hardev Singh, Anil Gupta, Kamal Kundal, Rama Kant & others. |
