BANKLOOT
Moneylife Digital Team 06 April 2022
All scheduled commercial banks (SCB) operating in India have cumulatively written off loans of Rs2,02,781 crore in FY21.

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Moneylife Digital Team 28 March 2022
The Congress party has asked for a comprehensive white paper on the bankruptcy proceedings while accusing the government of protecting defaulters through huge write-offs through the insolvency process via the Insolvency and Bankruptcy Board of India (IBBI).

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Moneylife Digital Team 22 March 2022
Primarily due to transparent recognition of stressed assets as non-performing assets (NPAs), the gross NPA of public sector banks (PSBs) rose to Rs8.96 lakh crore as of 31 March 2018 from Rs2.79 lakh crore as of 31 March 2015.

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Hemindra Hazari 07 February 2022
In the ongoing IndusInd Bank microfinance saga, we earlier learned of a “technical glitch” whereby the bank generously disbursed loans to customers without their consent.

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Investors, depositors and employees of RBL Bank, and those whose job it is to track the banking world, had their Christmas celebrations rudely disrupted with a bombshell communication to stock exchanges from its board of directors.

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On 20th December, the wire agency IANS put out a sensational report which suggested that yet another diamantaire, like Nirav Modi, had squirreled away a whopping Rs6,710 crore from IDBI Bank.

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Moneylife Digital Team 16 December 2021
I-T Dept Finds Unholy Nexus between Borrowers and ARCs in Buying Stressed NPAs

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Moneylife Digital Team 14 December 2021
The non-performing assets (NPAs) of public sector banks (PSBs) have almost doubled over the past seven years to Rs5.40 lakh crore, the Rajya Sabha was informed on Tuesday.

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Moneylife Digital Team 29 November 2021
While lenders harass individual or small borrowers to the point of even releasing the borrowers’ photos to the press for publishing them, it appears that big corporate defaulters are bestowed with immunity from such humiliation.

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Time and again, public sector banks (PSBs) in India, which are public authorities defined under the Right to Information (RTI) Act avoid sharing information about big defaulters. State Bank of India (SBI),

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While small borrowers are made to pay every single paisa they borrowed, public sector banks (PSBs) appear to favour big defaulters while writing off their loans of Rs100 crore and above.

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State-run lender Bank of Maharashtra (BoM) has written off bad loans of over Rs3,002.85 crore in FY20-21 belonging to big defaulters, taking its total of written off loans to Rs10,405.43 crore over the past 10 years.

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The lady on the street implicitly trusts public sector banks (PSBs) for their sarkari parentage and presumes her deposits are safe, since a bank owned by the government will not be allowed to go under and cause any loss to the public in any eventuality

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There is no finding the light at the end of the black hole aka public sector banks (PSBs). The mounting non-performing assets (NPAs) have been unyielding to any salutary solution and the government and the Reserve Bank of India (RBI) have practically thrown every known ammunition at the problem.

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While the common borrowers are struggling with repaying equated monthly instalments (EMIs) of their loans and also face harassment for missing a single EMI,

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Vivek Velankar 30 November 2020
RTI activist, Vivek Velankar has been running a vigorous campaign in Pune to unearth information from big nationalised banks on large loan write-offs, exceeding Rs100 crore each. He covered 12 public sector banks (PSBs) in this mission and the results are staggering.

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While common borrowers are harassed for recovery of smaller loan amounts, when it comes to big borrowers, banks are often found giving preferential treatment to these defaulters.

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The way public sector banks (PSBs) are giving flimsy excuses for denying information under the Right to Information (RTI) Act on bad loans, loan write off and names of big defaulters, whose defaults are Rs100 crore and more, one could safely say that the public information officers (PIOs) of these PSBs have mastered the art of evasion to a fault.

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While the common borrower is still struggling to repay monthly instalments, one more big bank has shown how big defaulters are having their cake and eating it as well without any qualms or worries.

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When it comes to writing off bad loans, especially of big defaulters, all public sector banks (PSBs) follow the same strategy and get tax benefits too.

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