No more further loans - repay old loans - INDIAN BANKS
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Breaking !! Indian banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies at the centre of the massive fraud case at the state-run Punjab National Bank, the tax department has estimated.
As of March 2017, banks had extended loans and guarantees worth Rs. 17,632 crore ($2.74 billion) to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the tax department said in a note seen by Reuters.
DO WE WANT TO SEE MORE SUCH NEWS?
In order to safeguard 'our money' & 'my money', I want the Banks to START asking repayment of loans to anyone who has 25 Crores of loans. The banks should not give any further loan, but they should ask the customer to repay the existing loan.
In order not to affect the business, the banks can ask interest + 10% of principal amount.
This will check the 'repayment worthiness' of the customer and will safeguards the banks. The banks may lose the interests, but its better than losing thousands of Crores of rupees.
Share it - so that banks STOP LENDING MORE MONEY and at same time TAKES BACK THE EXISTING LOAN.
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