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2016-05-17 ArtNo.45745
◆State-run banks see jump in loan fraud
 【New Delhi】State-owned banks are seeing a sharp jump in non-performing assets on account of forgery and fraud even as they struggle to cope with bad loans from distressed commodities and infrastructure sectors. Bad loans extended on the basis of fake documents and outright cheating, soared to almost Rs.13,000 crore in 2015-16, more than double the amount two years ago and more than 16 per cent higher than the Rs.11,125 crore recorded in 2014-15, official data showed. While Canara Bank recorded a 12-fold jump in fraud-triggered non-performing assets (from Rs.131.6 crore in 2014-15 to Rs.1,584.3 crore in 2015-16), just five big banks accounted for almost 60 per cent of such loans reported last year. ○It’ll be foreign funds all the way to buy bank bad loans: Arcil CEO  【Mumbai】Asset Reconstruction Company (India) Ltd, the country’s oldest buyer of stressed assets from financial institutions, said it is looking to tie up with foreign investors to fund the huge bank bad loan buys. Arcil said it would explore the possibility of selling a stake to foreign investors, including private equity firms, or even float joint ventures with them to buy the bad loans. Banks have been increasingly putting chunks of bad loans on the block to meet the Reserve Bank of India’s March 2017 deadline to clean up their balance-sheets. “I see money coming in from overseas. I don’t see money available locally. Banks don’t have the (financial) ability today and the NBFCs are already leveraged,” said Vinayak Bahuguna, CEO and MD of Arcil. ○India ranks ninth in crony-capitalism index  【New York】India is ranked at ninth position in crony-capitalism with crony sector wealth accounting for 3.4 per cent of the gross domestic product (GDP), according to a new study by The Economist. In India, the non-crony sector wealth amounts to 8.3 per cent of the GDP, as per the latest crony-capitalism index. In 2014 ranking also, India stood at the ninth place. Russia fares worst in the index, wealth from the country's crony sectors amounts to 18 per cent of its GDP, it said. Russia tops the list followed by Malaysia, the Philippines and Singapore. 【News source】 State-run banks see jump in loan fraud It’ll be foreign funds all the way to buy bank bad loans: Arcil CEO India ranks ninth in crony-capitalism index Crony capitalists' wealth in India shrinks, says The Economist Our crony-capitalism index The party winds down ○One world： The aim of SEAnews ◆Recruitment of Ad-SEAnews CanvassersYour Comments / UnsubscribeSEAnews MessengerSEAnewsFacebookSEAnewsGoogleSEAnews eBookstoreSEAnews eBookstore(GoogleJ)SEAnews world circulation |
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