Money & Banking
State-run banks' bad loans rise by Rs.1 lakh crore in 9 months
New Delhi : Non-performing assets (NPAs), or bad loans, of public sector banks (PSBs) have increased by close to Rs.1 lakh crore in the first nine months of the current fiscal, parliament was informed on Tuesday.
 
"The gross non-performing assets (NPAs) of the PSBs increased from 5.43 percent as on March 2015 to 7.30 percent as on December 2015," Finance Minister Arun Jaitley told the Rajya Sabha in a written reply.
 
Gross NPAs of state-run banks increased from Rs.2,67,065 lakh crore in March 2015 to Rs.3,61,731 lakh crore in December 2015, he said, making for an increase of Rs.94,666 crore over the nine months of the current fiscal.
 
In reply to another question, Jaitley listed specific measures to address the issue of NPAs.
 
He said the government has approved establishment of six new Debt Recovery Tribunals, to speed up recovery of bad loans of the banking sector, in addition to the existing 33.
 
The Reserve Bank of India has also taken steps, including formation of a Joint Lenders' Forum (JLF) for revitalising stressed assets in the system, flexible structuring for long term project loans to infrastructure and core industries and Strategic Debt Restructuring (SDR) scheme, Jaitley added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Five Syndicate Bank officials booked in Rs.1,000 crore scam
New Delhi : The CBI on Tuesday registered a case against five Syndicate Bank officials, a CA, three private people and others on charges of causing a loss of Rs.1,000 crore to the bank by discounting of fake cheques and bills against fake insurance policies and overdraft limits against non-existent policies.
 
The bank officials have been identified as New Delhi branch's then general manager Satish Kumar Goel, Jaipur regional office deputy general manager Sanjeev Kumar, Jaipur branch chief manager Deshraj Meena and assistant general managers of Malviya Nagar branch in New Delhi and Jaipur branch Adarsh Manchanda and Awdhesh Tiwari respectively. 
 
Sources said that the fraud was unearthed recently and a Central Bureau of Investigation complaint was made after the suspension of the bank officials. 
 
Goel was recently transferred to the Syndicate Bank's New Delhi Branch. 
 
The other accused have been identified as chartered accountant Bharat Bamb, a resident of Udaipur, and three Jaipur residents identified as Shankar Khandelwal, Piyush Jain and Vineet Jain. 
 
All of them have been booked by the CBI under charges of criminal conspiracy, using a forged document as genuine, cheating and forgery of Indian Penal Code (IPC) and sections of Prevention of Corruption Act. 
 
"It was alleged that the accused persons in connivance with the bank officials committed a fraud of Rs. 1,000 crore by resorting to discounting of fake cheques and fake inland bills against fake LICs and arranging over-draft limit against non-existent LIC policies," said CBI spokesperson Devpreet Singh. 
 
He said that the fraud was allegedly committed at Jaipur and Udaipur branch in Rajasthan and Malviya Nagar branch in Delhi. 
 
"It was further alleged that the bank officials of the two branches were colluded with private persons in the crime since 2011. The amount involved in individual transactions ranged from Rs. 40 lakh to Rs.5 crore but majority of them were in the range of Rs.2.5-4 crore," the official said. 
 
To avoid detection, many of these transactions were nullified from the proceeds of new fraudulent transactions, he added.
 
"Searches are being conducted at 10 locations including Jaipur, Udaipur and New Delhi which led to recovery of incriminating documents," the official added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

PPM

1 year ago

The erring bank officials need to be dismissed from the service without any benefits and all their assets need to be confiscated immediately.

Brain dead youth's heart, liver save two lives
New Delhi : A 21-year-old youth, who was declared brain dead, gave a fresh lease of life to two patients who were recipients of his heart and liver, a senior AIIMS official said on Tuesday.
 
The donor, who was admitted to a hospital in Indore after suffering serious injuries in a road accident on March 6, was not responding to the medical treatment at all. 
 
As he was declared brain dead, the doctors after several attempts convinced the family for retrieving his organs, in a bid to save the lives of needy patients. 
 
Accordingly, a call was made to the Organ Retrieval Banking Organisation(ORBO) at the All India Institute of Medical Sciences (AIIMS) here, following which a team of surgeons from the Cardio-Thoracic and Vascular Sciences Centre (CTVS) led by Milind Hote flew to the Indore hospital and retrieved the heart and liver from the donor. 
 
The organs were flown to Delhi where the heart was transplanted in a 28-year-old patient suffering from ischemic cardiomyopathy, a condition in which the left ventricle is usually enlarged and dilated.
 
The liver was transplanted in an adult at the Institute of Liver and Biliary Sciences (ILBS), who is doing well after the surgery.
 
"This was a difficult task, but has added to our list of organ donations. Major challenges were coordination of two state authorities, arrangement of transportation. Over 500 medicos and para-medicos were involved in the whole process," said AIIMS director M.C. Misra.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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