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Journalism of Courage
The All India Bank Employees8217; Association AIBEA has said the Securitisation Bill, passed by the Lok Sabha on Thursday, lacked teeth and would be of little help in taking stringent measures against wilful defaulters of bank loans. A major drawback is that wilful default of a bank loan is still not a criminal offence.
8220;The Bill lacks teeth. It is not understood why wilful default of bank loans has not been made a criminal offence,8221; AIBEA general secretary Tarakeswar Chakraborti said in a statement here. Most of the top defaulters are wilful defaulters and escaped action for the last several years.
The Association, he said, would submit a petition to the President on November 27 and take out a procession of about 40,000 bank employees in New Delhi to press for its seven-point charter of demands.
