Insolvency and Bankruptcy Code, 2016 i.e. banks in public sector are being looted as the implementation of the law and bankruptcy is being conducted with convenience. Willful defaulters are being protected by political blessings. This law is not enforced by clarifying the difference between bad loans and willful defaulters. Trinamool Congress MP Sukhendu Shekhar Roy played a role that criminal action should be taken against willful defaulters for this. Various bank organizations also have a tough role in this. Sukhendu Shekhar Roy expressed the opinion that the country is currently in such a situation that an unlimited case should be registered against the Willful defaulters.
These people don’t repay the loan even when they have the ability. In most cases, it is used elsewhere without using it for the loan that is borrowed. Where the loans taken are invested doesn’t need to be rehearsed later. That means the deposits of common people are being used by politicians and big entrepreneurs-celebrities.
Often, assets received after taking loans from banks are sold to the banks without informing them.
Action against willful defaulters should not be suspicious. For this, Sukhendu Roy says that he will often take up the role of bank organizations in the parliament. The crony capitalists who drown the public sector with consensus are the enemies of the country.
The special thing is that by looting money from banks, big entrepreneurs flee to countries with which India does not have an agreement with. This shows that the political will to take action against willful defaulters is short. All of these mistakes are burnt on the operations of public sector banks. For this, the common depositor also needs to be aware. The All India Bank Employees Association has repeatedly implemented economic awareness activities for this reason. Webinar is currently underway on various challenges in banking and insurance sector on the occasion of the 52th anniversary of bank nationalization. People’s representatives, banking experts, finance-researchers are talking about the current situation on this platform.
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