21 October 2020

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NPA Scam Canara Bank Rs.47,310 Crore Write Off only recover 19%

NPA Scam Canara Bank Rs.47,310 Crore Write Off only recover 19%

Wednesday, October 21, 2020

Data shared by Pune-based RTI activist Vivek Velankar shows that during the past eight-year period from FY12-13 to FY19-20, Canara Bank wrote off a total of Rs.47,310 crore while recovering just 19% or Rs.8,901 crore from defaulters. 

Canara Bank used vague reasons for not sharing information like names of big defaulters with a bad loan of Rs100 crore and above.

In the reply to the RTI, the Bank says, "Information sought is the personal information of the concerned and if disclosed would invade the privacy of those concerned and its disclosure does not have any relationship with public interest or activity and is exempted under section 8(1)(j) of the RTI Act.

When common Indian citizens do not pay money, loan amount then these same banks do not care about privacy of customers, they publish the names of such loan defaulters in news papers and go to any length to recover the loan amount.

And these same banks go to any length to save the privacy of big loan defaulters.

This is failure of Indian laws and BJP and PM Narendra Modi, under their guard these banks give separate treatment, different treatment to poor Indians and Rich Indians.

If BJP government is honest, it needs to amend law and should make it mandatory to publish the name of all loan defaulters on their web site weekly and list should get updated every week otherwise banks needs to be penalized.

Think why Indian news channels do not discuss this topic?

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Tags – NPA Scam BJP PM Narendra Modi Canara Bank