PSU Banks write off corporate bad debts of Rs.26,000 crore
The Public Sector Banks have written off more than Rs. 26,000 crore being the bad debts of the corporate houses for the last three years! The bank managements make all out efforts for collecting recoveries from the ordinary man, including harassment and court cases. But in the case of big business, corporate houses and top politicians etc. it is another matter. They are allowed to accumulate the loans and after some years it is treated as bad debt and written off. See how much debts have been written off in 2009-2010 by some banks:
State Bank of India Rs. 1,990 crore Punjab National Bank Rs.853 Crore
Bank of India Rs. 744 crore Bank of Baroda Rs.744 crore
Bank of Maharashtra Rs. 236 crore United Bank of India Rs. 174 crore
The rich and powerful has every right and concessions. The poor has nothing. The neo-liberal policies and the economic reforms are for the benefit of the haves and miseries for the have-nots.