Name and Shame Willful Corporate Defaulters and Initiate Recovery Process Immediately.

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FARMERS FORCED TO DIE WHILE WILLFUL DEFAULTERS PROTECTED BY RBI!

The Tehsildar has seized the harvested crop of 32 farmers in Shivpuri in Madhya Pradesh for defaulting on the Kisan Credit Card payments to the Madhyanchal Bank. 


In Banda in Bundelkhand, 19 tractors of defaulting farmers have been seized and will be put for public auction for non-payment of bank dues.


A farmer in Cuddalore district of Tamil Nadu attempted suicide after recovery agents of the public sector bank threatened to seize the vehicle and initiate legal action against him. 


According to National Crime Records Bureau’s latest farmer-suicides data, 12602 farmers have committed suicides across the country in 2015. In 2016, 6867 farmers have committed suicides from just 5 states (Maharashtra, Tamil Nadu, Telangana, Madhya Pradesh, Karnataka). (Source: here)

 
When was the last time we heard of a similar e-auction of assets, including a stream of cars and vehicles belonging to the big companies which have defaulted to the public sector banks? 

Government, RBI and banks are not going after the big corporate honchos who are leading luxurious life after taking loan from public sector banks and defaulting.  While small farmers who took loans for farming and feeding this nation incur losses due to natural calamities which are beyond his control, the farmers are forced to pay their loans by hook or crook and if not paid are compelled to commit suicide. 

The Supreme Court had ordered the Reserve Bank of India to disclose names of the defaulters saying that "the RBI should not work in the interest of the banks but in the interest of the country." (Source: The Indian Express) RBI and Government were in cahoot in Supreme Court also to oppose making public the names of large corporate borrowers who have defaulted in their commitments to banks. (Source: Business Standard)


As per RBI Master circular No.RBI/2014-15/73 DBR.No.CID.BC.57/20.16.003/201 4-15 dated July 1, 2015, SARFAESI Act proceeding can be issued even without notice to the willful defaulters. So the mute question is what is preventing RBI to act ? Closeness of the corporates to the ruling party ?? 


We at Anti-Corruption Team demand that RBI and Banks should immediately name and shame in public willful corporate defaulters and initiate recovery process who owe 70% of total NPA of Rs.8-9 lakh crores. 



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