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State-run banks’ outstanding corporate loans over Rs.2.3 lakh crore

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New Delhi: State-run banks had total outstanding corporate loans of over Rs.2.3 lakh crore by end of 2014-15, parliament was told on Tuesday.

“A sum of Rs.23,52,246.86 crore is outstanding corporate loan of the public sector banks (PSBs) as on March 31, 2015,” Minister of State for Finance Jayant Sinha told the Rajya Sabha in a written reply.

The minister said that among the major steps taken by the government along with the Reserve Bank of India for containment of banks’ non-performing assets (NPAs) include seting up six new “Debt Recovery Tribunals (at Chandigarh, Bengaluru, Ernakulum, Dehradun, Siliguri, Hyderabad) to speed up the recovery of bad loans of the banking sector”.

“RBI has tightened the norms for Asset Reconstruction Companies (ARCs), vide guidelines dated August 5, 2014, where the minimum investment in security receipts should be 15 percent, which was earlier 5 percent,” the minister said.

He said that on April 28, a meeting was convened at Mumbai to resolve the stalled projects’ issue.

Sinha said, earlier this month, the government is working on a comprehensive package to help stressed state-run banks and improve the flow of credit for industry.

The minister had also said the government was trying to improve corporate governance and strengthen management at state-run banks, while also overhauling annual targets for public sector lenders to increase the focus on efficiency.

According to the RBI, gross NPAs as a ratio of total loans could rise to 4.8 percent by September from 4.6 percent in March.

Finance Minister Arun Jaitley last month said his ministry is currently preparing a list of projects stalled due to lack of finance to set in motion the process of their revival and thus bring down the NPAs of banks.

Gross non-performing assets, or distressed loans, of state-run banks have gone up to Rs.260,531 crore as in December 2014. In the fourth quarter (January-March), NPAs had come down from 5.64 to 5.2 percent.

As per the finance ministry’s Economic Survey published before February’s union budget, stalled projects as in December-end amounted to Rs.880,000 crore.

(IANS)

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In Jharkhand Lynching Case, Guilty Would Be Punished: Jayant Sinha

In a picture that has gone viral, the Union Minister could be seen garlanding the convicts in the Ramgarh lynching case in Jharkhand

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Sinha further said that he has full faith in our judiciary
Sinha said that he has full faith in our judiciary. Flickr

After sparking a political storm by welcoming eight men who were convicted in the Ramgarh lynching case in Jharkhand with a garland, Union Minister Jayant Sinha on Saturday said that the Ranchi High Court has suspended the sentence of the accused and released them on bail.

The Union Minister of State for Civil Aviation said on Twitter, “In the Ramgarh case (mob lynching), the Ranchi High Court, which is the first court of appeal, has suspended the sentence of the accused and released them on bail while admitting their case. The case will once again be re-heard.” Sinha further said that he has full faith in our judiciary and that those who are innocent would be spared while the guilty would be appropriately punished.

“I have full faith in our judiciary and rule of law. Unfortunately, irresponsible statements are being made about my actions when all that I am doing is honoring due process of law. Those that are innocent will be spared and guilty will be appropriately punished,” he said.

He added, “I have repeatedly expressed my misgivings about the Fast-Track Court judgement sentencing each accused to life imprisonment. I am pleased that the Hon’ble High Court will hear the matter as a statutory court of appeal to test the correctness of the Fast-Track Court order.” Sinha, who represents the Hazaribagh seat in Lok Sabha, yesterday felicitated eight men convicted for killing a meat trader in Jharkhand last year.

In a picture that has gone viral, the Union Minister could be seen garlanding the convicts in the Ramgarh lynching case in Jharkhand at his residence on the outskirts of Hazaribagh.

A Ramgarh Court had sentenced the 11 accused, in connection with the Alimuddin murder case in Ramgarh district to a lifetime in prison.

lynching-header
lynching header. Flickr

Alimuddin, also known as Asgar Ansari, was intercepted by a mob and beaten to death in June last year over suspicions of transporting beef in his vehicle near Bazartand village. The mob later set the vehicle ablaze.

Also read: New Portfolio: Full List of Union Council of Ministers after Reshuffle

Following the lynching incident, section 144 was imposed in Ramgarh. (IANS)