REVEAL NAMES OF NPA DEFAULTERS

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Hon' Finance minister Mr. Arun Jaitley,

Sir

As an Indian Citizen, in the national interest we hold every right to know the loan defaulters in high places, who are now draining the income and profit of the public sector bank,.  You have no right to deny that saying that I have given to Supreme court, which is not going to involve either in recovery or in the process of preventing further deterioration.  As a citizen my right to information is to be honoured.

2. Millions of us are share holders.  We have stakes.  Our share values are affected by the mal-administration of funds in our banking corporations. Who  have looted and who have wilfully defaulted, how my company is handling are informations which the shareholder has the right to seek.  Blocking such information to the shareholders is a corporate offence.  If you deny to us, to-morrow all the corporates in the company will pursue this illegal act.  We have the right to have an access to books of accounts.  So you shall declare and advise the banks to disclose the information to all equity share holders.

3.  Millions of us are employees. The companies are running with  loss and you yourself decide upon the merger or take over or closure.  it is affecting our future.  By not disclosing the list of bad loans who are defaulting by genuine industrial or business failures or by diverting the funds to their personal/family wealth, you are holding or preventing us from performing our due responsibilities to assist in recovery and to save the respective banks.  As a public servant, we hold the responsibility to my institution.  Why we are prevented from getting the information about the corrupt practices that are damaging the institution.  By fraud, these elements invade in other banks by hook or crook and again loot some credits.  It also affect our carrier, wages and our job security. We are legally entitled to know the details of defaulters and we will work for the recovery and prevent these defrauding elements from entering institutions.

4. Several crores are bank account holders.  We are slowly being squeezed by increasing service charges, reduction in fixed interest and thus affecting our interest.  We are trusting the banks several decades and lending it in the form of deposits.   We are affected and our interest is jeopardised because of the unchecked growth of bad loans in the banking industry.  So, we have every right to know who are the culprits who deliberately damaged the banking institutions and causing loss to them.  We have the right to know, whether our banks are in right track to safeguard our investment with that institution.

As the representative of the people, sir, you have the responsibility to honour the constitution and law.  You shall direct each and every bank to disclose, the list of defaulters.  No democratic  state has a law to protect the name and image of the persons who had done financial misappropriations.  Please do not try to protect them and safe guard their interest.  If this suppression of information is done by the state, it will encourage millions to cheat every institution, including your government.  Again, this is a vulnerable area for corrupting the bank officials too.  Under your regime, similar billion rupee frauds were perpetrated at the time note exchanges.  Our national misfortunes, all who had done fraud and cheating as clients are safe and bankers who had aided them are also safe. Anyhow, You have moral responsibility to protect the financial institutions against scamsters.   

Please, give directions to banks to release the lists of defaulters with all data in their public domain and update them periodically.  It is a message to people who tried to loot 10 lakh crores of public money

 



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