sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?
 How to e-verify your income tax return? Here are five ways to do it
 Received an Income Tax notice? Here is what you can do

Finance ministry tells PSBs to review top non-performing accounts
March, 21st 2013

The finance ministry has directed state-runs banks to get their top 300 non-performing accounts reviewed by their board's management committee and pursue a strict recovery policy, especially in cases where defaulting companies have affluent promoters, according to an official.

"The board will look into these cases and suggest measures accordingly. Where there is a case for recovery, all steps will be taken," the finance ministry official said.

Almost all state-run banks have senior finance ministry officials on their boards. Gross non-performing assets of public sector banks increased from Rs71,080 crore at the end of March 2011 to Rs1.55 lakh crore at the end of December 2012.

On Monday, Finance Minister P Chidambaram had warned corporate bigwigs against wilful defaults, reminding promoters that it was their duty to bring in additional capital if their companies got into trouble. "We cannot have an affluent promoter and a sick company," he had said.

Banks have also been directed to constitute a board-level committee for monitoring loan recoveries. The ministry has also sought review of non-performing assets (NPAs) worth Rs 1 crore and above by the board of directors. "We have also told banks to lodge formal complaints with the ICAI ( Institute of Chartered Accountants of India) if the auditors of the borrower have been negligent or deficient in their auditing," the official added.

The finance ministry has also pulled up the heads of Bank of Baroda, Central Bank of India, Punjab and Sind Bank, and United Bank of India, the PSU lenders where non-performing loans have risen steadily since December 2011.

"These banks have been told to check fresh slippages and devise a strategy for their minimization, which could include Lok Adalats and recovery camps," the official said. The finance ministry has already directed banks to disclose their top 50 NPAs along with the details of loan sanctioning officer, terms of the loan, the collateral furnished by the borrower, and how the bank covers the risk.

Financial services secretary Rajiv Takru had earlier said that both the government and banks are trying to make a distinction between wilful defaulters and people who have genuine problems.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions