This is first of the two chargesheets which the agency plans to file in the case. The next chargesheet against Choksi, his firms and the arrested accused is likely to be filed on Wednesday, sources said.
ICICI Bank's MD and CEO Chanda Kochhar, who is facing allegations of conflict of interest while sanctioning loans to the Videocon group, on Monday said that the bank’s board had made its stand clear on the issue of conflict and the CEO’s role.
After completion of the audits, the banks will prepare details of accounts that could potentially turn into non performing assets (NPAs), which will then be shared with the Government and investigative agencies for further action.
The government feels the RBI’s February 12 circular could pose “serious problem” for industry and banks, and it wants the default timeline at 30 days of payment for principle/interest not being made by the borrowers.
Banks typically write off NPAs after four years for fully provisioned accounts. However, banks continue to pursue various recovery steps to get back whatever portion of their loan outstanding they can from the borrowers.
As against this claim, the Reserve Bank of India's latest data shows that the public sector banks could recover a total of only Rs 15,786 crore in the fiscal year 2016-17 and 2017-18 till December 31 through all recovery channels, including IBC.
The central bank has issued new rules to ensure faster recovery of bad loans, as banks could recover only Rs 7,106 crore of written-off loans till December 31, 2017 while a total of Rs 84,272 crore worth of bad loans were written-off during the same period.