SBI writes off Rs 7,016 crore loans owed by wil...

SBI writes off Rs 7,016 crore loans owed by wilful defaulters

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Score: 3 Votes: 3
Score: 3 Votes: 3
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SBI writes off Rs 7,016 crore loans owed by wilful defaulters

The clean-up saw SBI forgo almost Rs 1,201 crore in dues owed by Vijay Mallya’s defunct Kingfisher Airlines, which heads the list of wilful defaulters.

The State Bank of India got non-performing assets worth Rs 7,016 crore off its books by writing off loans owed to it by 63 wilful defaulters, Daily News & Analysis reported Wednesday. The clean-up saw the bank forgo almost Rs 1,201 crore in dues owed by Vijay Mallya’s defunct Kingfisher Airlines, which heads the list of wilful defaulters. Documents accessed by DNA reveal that 63 accounts have been fully written off, 31 partially written off and six have been shown as NPAs. SBI adjusted its balance sheets by moving the Rs 7,016 crore to an Advance Under Collection Account (AUCA). The top wilful defaulters include KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore).

http://indianexpress.com/article/business/banki...
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11 Comments  |  
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Deal Captain
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SBI eek

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.

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Deal Subedar
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They now have huge cashflow in Jan Dhan Accounts so they can. toungueout

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Deal Subedar
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Writing off doesn’t mean the loan is waived. Accounts are moved under AUCA just to balance their annual statements. Defaulters will still be prosecuted and assets will be recovered.

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Deal Cadet
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Wow why sudden step now ??
Itne din se so rhi SBI ??
Jo bhi ho …ab defaulter kuch na kuch rasta dhund hi lenge humre IPC mein sad

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Deal Subedar
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That’s dirty smart move by SBI, they know that this news will be buried, hardly get noticed in demonetisation chaos. evil

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Deal Cadet
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welcome to serpentine queues common man

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@ranjithsai01 wrote:

@shashi118 wrote:

That’s dirty smart move by SBI, they know that this news will be buried, hardly get noticed in demonetisation chaos. evil


Their reasoning.

http://www.moneycontrol.com/news/business/sbi-w...


bhai sri sri appointed journalist in all colleges of DU , you can check governing body of every college and then check when they appointed and then check how they lick boots on twitter .

same way here this news spreaded + salt news + mall news (delhi police cleared it as rumor) . so they can go to any limit and if you will say them anything they will play victim card . lol
any CA working in a good firm and having some experience in banks audits , please tell those difference between 3-4 terms for bad debts write off / waive off by a firm ..
also ED is going to seize more assets of vijay mallya and total will be now 9600crore rs .

at time when he was enjoying money in his luxury life from decade no one cared for him , now suddenly all are awakened . all malya property are under ED control and soon will be seized , however he already settled enough property outside india .

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@goyal.dkg wrote:

@ranjithsai01 wrote:

@shashi118 wrote:

That’s dirty smart move by SBI, they know that this news will be buried, hardly get noticed in demonetisation chaos. evil


Their reasoning.

http://www.moneycontrol.com/news/business/sbi-w...


bhai sri sri appointed journalist in all colleges of DU , you can check governing body of every college and then check when they appointed and then check how they lick boots on twitter .

same way here this news spreaded + salt news + mall news (delhi police cleared it as rumor) . so they can go to any limit and if you will say them anything they will play victim card . lol
any CA working in a good firm and having some experience in banks audits , please tell those difference between 3-4 terms for bad debts write off / waive off by a firm ..
also ED is going to seize more assets of vijay mallya and total will be now 9600crore rs .

at time when he was enjoying money in his luxury life from decade no one cared for him , now suddenly all are awakened . all malya property are under ED control and soon will be seized , however he already settled enough property outside india .


It was supposed to be sarcastic wink

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