The Hindu Business Line : `NPAs in banks rise by Rs 48,784 cr in 7 years'

DURING the last seven years, the non-performing assets of the banking system have increased from Rs 47,300 crore in March 1997 to Rs 96,084 crore in March 2004.

This was stated by the General Secretary of the All-India Trade Union Congress, Mr Gurudas Dasgupta, and the General Secretary of the All India Bank Employees' Association , Mr C.H. Venkatachalam, in a joint press statement here on Friday.

According to them, now the situation has come to a position "where the nationalised banking system is being totally undermined by the Government and is being allowed to be looted by the corporate sector with the connivance of people in power."

Not only the money is not being recovered, instead, concession is being doled out to the defaulting borrowers in the name of one-time settlement, compromise, waivers, restructuring, provisions and write-offs, they said. "The Government, instead of safeguarding the national interest and protecting the national savings, refuses to publish the list of defaulters who had criminally assaulted the nationalised banking system because it seems publications of names may be inconvenient for the people in power," the statement said.

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