There are 969 debtors who defaulted in repaying loans over Rs10 crore each, adding up to around Rs27,000 crore of the Rs1 lakh crore total defaults of nationalised banks
Thane: Over 49 lakh debtors have defaulted in repaying loans totalling more than Rs1 lakh crore from various nationalised banks in the country, an RTI query has revealed, reports PTI.
The information was provided by individual banks to Om Prakash Sharma, an RTI activist and a former National Council member of BJP.
The State Bank of India tops the list accounting for 32% of the total defaulted amount and 36.3% of the defaulters.
A compilation of the information received indicated that the debtors numbered 49.2 lakh and the defaulted amount was to the tune of Rs1.0 lakh crore.
The State Bank of India has a total of 17.9 lakh defaulters and the amount involved is Rs32,534 crores.
Punjab National Bank stands second with Rs9,632 crores in default, accounting for 0.1% of the total defaulted amount, followed by Union Bank of India where the debtors have not repaid Rs7,615 crore.
As regards the number of defaulters, Union Bank of India comes second with a total of 5.50 lakh defaulters followed by Bank of India which has 3.43 lakh defaulters.
There are six banks where the defaulted amount is between Rs3,000 and Rs4,000 crore, four banks where it is between Rs2,000 and Rs3,000 crore, seven where default is between Rs1,000 and Rs2,000 crore and three with less than Rs1,000 crore.
It was revealed that there were 969 debtors who defaulted in repaying loans over Rs10 crore each, adding up to around Rs27,000 crore.
The State Bank of India has 370 Non-Performing Assets, while Bank of India has 139 and Union Bank of India 93.
No significant reform has been passed during the current government's second term observed the report from Capital Economics
Singapore: India's economic troubles are mostly self-inflicted, resulting from policy paralysis and opposition to reforms -- a situation that is unlikely to change before the general elections in 2014, says PTI quoting a report.
"That (situation) is unlikely to change until the 2014 general elections at the earliest," said the report -- Emerging Asia Economics Update - What's Gone Wrong in India? -- by Capital Economics, a global macro-economic research consultancy.
The report expressed doubts over reforms even post-2014.
It noted that India's economic performance deteriorated sharply as GDP growth slowed to 9-year low of 5.3% in the first quarter of this year.
"We believe that growth dropped to well below 5% in Q1 on an annualised basis," it said.
A major contributor to the slowdown was the big drop in investment, which slumped to (-)1.9%, year-on-year during the latest three quarters from double-digit levels in late 2010.
Expectations of growth have also been scaled back.
The latest consensus forecasts were for 6.3% growth this year, down from 7.8% at the beginning of the year, said the consultancy monitoring global economies from its offices in Singapore, London and Toronto.
"As growth has slowed, India's twin deficits have increased. The central government budget deficit increased to 5.9% of GDP last fiscal year and the current account deficit widened to 3.7% of GDP," it noted.
Foreign reserves remain quite high, at $292 billion, but have fallen by $30 billion since August 2011.
Although wholesale price inflation has declined, it too was high, at 7.5% year-on-year.
The report said India's problems can't be blamed on the weak external environment.
While export growth has declined to 4% year-on- year in the first four months of this year, from 38% in 2011, India's economy remained far less open than most emerging Asian economies, which have not slowed as much as India.
"Given that these explanations are unconvincing, it appears that weak governance, although not new, is the most plausible explanation for the slowdown," the report said.
No significant reform has been passed during the current government's second term, which began in 2009, observed Capital Economics.
"Repeated promises to liberalise FDI in the retail, insurance and airline sectors have come to nothing. Nor has the government honoured pledges to pass legislation facilitating land acquisition and investment in mining," it said.
The mobile handset maker will invest Rs195 crore in product development and marketing expenses during current financial year and Rs250 crore in next financial year
New Delhi: Mobile device maker Karbonn on Thursday said it will invest Rs445 crore in brand promotion and product development in the next two years, and expects its revenues to touch Rs3,500 crore by 2013-14, reports PTI.
"We are extending our portfolio to target customers of high socio-economic class. We will continue as 'value for money' brand. Our estimate is that we should have Rs2,500 crore in revenues this fiscal and Rs3,500 crore in FY14," Pradeep Jain, managing director, Karbonn Mobile told reporters.
The company will invest Rs195 crore in product development and marketing expenses during the ongoing financial year and Rs250 crore in next financial year.
"Last year we invested Rs150 crore which has shown the result. We grew faster than other Indian brands. We are expanding service centres. Presently, there are over 650 service centres and by FY14 we will have 1,000 centres," Shashin Devsare, executive director, Karbonn Mobile said.
The company is looking to 15% market share by end of FY14 from 6% it has in FY12.
The company today launched its first tablet on Google' Android platform with 1.2 Ghz processor for Rs6,990 and unveiled three new smartphones on Google Android's Gingerbread platform in the price range of Rs5,790 to Rs9,490.
Internet on the tablet unveiled by the company can be operated using wi-fi service or 3G dongles.
The company's high-end smartphone has 1 Ghz processor, 5 megpixel camera and a front camera to support video calling facility.
"We are planning to launch four new smartphone and three new tablets in next three months. Karbonn will be first Indian company to launch smartphone of Google's Icecream Sandwich platform which is next version of Android after Gingerbread," Devsare said.
The company will launch 9.7 inch screen size tablet in September on Google's Jelly Bean platform.
In the smart device range, Karbonn will provide push mail service and instant messenger of its own.
"These services will be free for first year. We have tied up with foreign vendor for this who has customised this application to suit our customer's need," Devsare said.