PSB scam: Rs. 7.70 lac crore loan in danger  1/4
Channel: Swaraj Abhiyan
Date: 2015-12-13

PC 10th Dec 2015 _ Press Club of India on PSB and Corporate Nexus. Modi Govt's minister part of loot - Out of 7.70 lakh crore under threat, 3.5 lac crores is duped already.  Swaraj Abhiyan today claimed that companies promoted by a Cabinet Minister in the NDA government were recipients of a Corporate Debt Restructuring (CDR) package despite them being declared "defaulters".

Addressing a press conference, Prashant Bhushan and Yogendra Yadav, who jointly lead Swaraj Abhiyan, said that of the total loan given by the country's public sector banks till March 31, 2015, Rs 7.7 lac crore were "stressed assets", whose repayment is in serious doubt.

"Estimated non performing assets of the public sector banks on the said date were approximately Rs 2.67 lac crore among which 22% are wilful defaulters," Bhushan said.

Bhushan said there was restructuring in cases of wilful defaulters as well and termed it "biggest scam" in the monetary sector.

He further added that the impaired assets of the PSU banks have risen from 6.8 in 2009 to 12.1 in 2013.

"On the other hand small farmers are asked to come up with all sorts of guarantees to secure loans. Complete transparency is required when it comes to restructuring," he said.

Abhiyan also demanded a white paper on the total amount of stressed assets, non performing assets and restructured accounts of all public sector banks and an SIT to investigate irregularities.