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Home » Democracy & Governance, Economy, Featured, Miscellaneous

They don’t pay back loan and live life Kingsize !

Submitted by on July 17, 2014 – 12:48 pm

According to a report published in the Times of India on July 17,2014, the top 50 Non Performing assets (NPAs) in India owe over Rs. 53,000 Crores mainly to Public Sector Banks (PSBs). Some of these defaulters have been declared “willful defaulters”. If loan amounts are recovered from them, it can help PSBs in meeting their capital requirement and avoid selling their stake in joint ventures. Mr. Vijay Mallya’s Kingfisher Airlines tops the chart of such defaulters. For years our government has been claiming that efforts are being made to recover the bad debts . It is time that Modi-led Federal Govt. takes some hard measures to get this money back into the system for nation’s development. Let us remember that due to soft-peddling of the government, the defaulters continue to dump their own failures on taxpayers’ shoulders. No business should be considered too big to fail, but if the government considers to bail out a failing company, then it must do so with a clear cut contractual obligation on the part of the company to return the money.

The readers might be thinking as to how much Kingfisher Airlines still owe to the banks? Well, it is a loan amount of 4,000 Crores that Kingfisher still has to repay to the banks. Is it okay to live life like Kingfisher even if you have defaulted on your monetary promise?

For the details of the news, please click here. 

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