You thought Vijay Mallya is the biggest defaulter who owes banks cash? Hold up till you read this
Indeed, even as Vijay Mallya has turned into the substance of awful obligation in the Indian managing an account area, the truth of the matter is that he is one and only of the players in a wasteful framework that has adequately looted nationals and citizens of hard-earned cash. Newslaundry has gotten and evaluated the State Bank of India’s Wilful Defaulters and Defaulting Borrowers List, which puts the aggregate defaults in the managing an account framework at an amazing Rs 5 lakh crore, starting 24 December, 2015. The rundown presents corporate awful credits represented following 2005 against which banks have not moved the courts — in keeping money speech they are named as ‘non-suit documented records’.
The main 10 corporate defaulters, as indicated by RBI’s rundown, owe over Rs 56,000 crore to banks and money related establishments. To place this in context, this sum is barely short of the monetary allowance of West Bengal for the 2016-2017 financial year (which remains at near Rs 57,000 crore). The majority of these defaults are to state-claimed banks and insurance agencies — particularly Life Insurance Corporation of India and General Insurance Corporation of India. Most of the main 10 defaulters are either state-possessed organizations or firms with promoters with some political associations.