NEWS & ADVICE : HOME LOANS
AIBEA to protest against corruption in banks
By Joseph Samson
Dec 7, 2010
Print    Email    RSS   

The recent housing loan scam which hit the banking industry has given rise to protest against corruption across several levels of bankers. The All India Bank Employees Association (AIBEA) has decided to protest against the existing scenario and demand for considering wilful loan default as cognisable offence.

AIBEA has planned to conduct rallies in Reserve Bank of India as well as Parliament in protest against corruption existing in the top level of banking system.

"There should be an amendment in the Indian Penal Code (IPC) to make willful loan defaults by top borrowers a cognisable offence," said Vishwas Utagi, secretary, AIBEA. He added that during the protests, the demand will also be given focus.

The demand for bringing amendment in IPC had been placed by AIBEA earlier too. "AIBEA has always fought and campaigned against corruption at the top level and we have also exposed a nexus between bankers, borrowers and politicians in grabbing big loans from the banks and insurance companies," added Utagi.

He said that these loans become default ones, under go rescheduling and finally end up being in the category of wilful loan default. "Finally, such loans are hardly recovered and they are written off from the bank books," said Utagi.

He said that the loan default in India currently amounts to more than Rs 3.5 lakh crore.

"Finally, such loans are hardly recovered and they are written off from the bank books," said Utagi.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Choices available for home buyers
Evaluate Hidden costs before buying a house
Home Loans come with Tax Rebates!
Reverse Mortgage in India: Your property...
Hybrid loans – are they beneficial?


I want my Housing loan provisional certificate....
PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

NEWS THIS WEEK
Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive