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Back You are here: Home Current News Bank defaulters should not be allowed to contest elections

Bank defaulters should not be allowed to contest elections

Gujarat Global News Network, Ahmedabad

Bank staff who is agitating for wage revision has its own formula to deal with the growing challenge of Non Performing Assets. Big defaulters should not be allowed to contest elections.

Different bank unions and associations released a list of top 30 defaulters in the country. Now they plan to release the name of top 30 of each of 26 government banks next months. This will be followed by release of a list of 8,000 defaulters in the country.

Spelling out measures to deal with the major problem of the banks-bad debts and rising NPA, C H Venkatachalam, General Secretary of All India Bank Employees Association, said that while banks were taking harsh actions against small defaulters, major defaulters are going scot free. They should be dealt with equal harshness, he said.

Venkatachalam who is in Ahmedabad to attend a three day national level joint meeting of the employees and officers organizations, said that this issue will also be discussed at the meeting starting on Saturday.

There is an organized racket of restructuring of bad loans. This is just to ensure money on paper even though it is a known fact that it would not return, he said. Over Rs eight lakh crore is trapped this way, he said.

Banks should not be used as an instrument to earn profit but as a tool for transformation, he said. 

“For news in Hindi see our Hindi daily Chaupal Chronicle”