FI bad loans up 14.3% to Rs 23,785 cr

Despite a host of recovery measures, including seizure of assets under the new Securitisation Act, bad loans NPAs of financial institutions ...

Despite a host of recovery measures, including seizure of assets under the new Securitisation Act, bad loans NPAs of financial institutions (FIs) shot up by 14.3 per cent to Rs 23,785 crore during the year ended March 2004 as against Rs 20,800 crore in 2002-03.

However, gross NPAs of commercial banks declined by 7.9 per cent to Rs 63,252 crore during 2003-04.

‘‘The NPAs of FIs continued to increase during 2003-04 on account of time and cost overruns in projects, slippages in the standard assets, increase in legal expenses relating to NPAs, impairment of major assets of the assisted units and contraction of credit portfolio,’’the Reserve Bank of India (RBI) said.

This is despite FIs making concerted efforts to address the problem of NPAs through various ways including recourse to compromise and negotiated settlements, rescheduling/ restructuring of loans, recovery under the the SARFAESI Act, 2002, implementing OTS schemes, establishing asset reconstruction companies (ARCs) and recovery through Debt Recovery Tribunals (DRTs).

The police said the trio from Chandigarh — Rohan (21), Sumit (22), and Mohit (19) — were dhol players by profession and had procured the weapons due to an old rivalry with local residents.

Suspecting affair, Odisha lecturer assaults wife and her friend, parades them on street

India46 min ago

A lecturer of Commerce and his associate were arrested for assaulting his wife, garlanding her with slippers and parading her on the road with her male friend. The woman, who has been living separately from her husband, was assaulted and humiliated in public. The incident was recorded and shared on social media. Police have seized evidence and are investigating the matter.

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