NPA touches Rs.6 lakh crore-The Hindu
Banks in India have accumulated Non Performing Assets (NPA) of Rs.6,00,000 crore, the Public Accounts Committee (PAC) of Parliament has revealed.
PAC chairman and senior Congress leader K.V. Thomas said here on Monday that 54 per cent of the bad loans were advanced to corporate houses. Nationalised banks accounted for more than Rs.4,00,000 crore to Rs.5,00,000 crore of NPA. The PAC, in its report to Parliament, would recommend steps for recovery of bad loans. This was the first time the committee had assessed the NPA of banks.
Addressing a Meet the Press programme organised by the Thiruvananthapuram Press Club, Mr. Thomas said banks were adopting a lenient approach to corporate houses defaulting on loans when students and farmers were finding it difficult to get credit. “The banks justify their stand on the grounds that most of the loans were for infrastructure projects such as coal mines or airports.”
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