At the end of all the disciplining of banks and businessmen, you may get a healthy credit culture.”So now it stands accepted that as of now and till now we did'nt and don't have a healthy bank Credit Culture.It is also not told when will the disciplining culture end .What that meansR,PONNAMBALAM
Rediff You are not displaying what I wrote.The things said in this article apart from details are guessed by everyone.One retired reserve bank Governor once told :"BANKS ARE THE NON PERFORMING ASSETS."When you are not displaying what a tax payer feels about his money too having gone lost to somebody through banking route you are also doing the same disservice as the banking system did.Tell me what I have written wrong? R,PONNAMBALAM
Till sarkari banks are cash cows of sarkar, and populist scheme goes on, BJP is only continuing from UPA providing worthless schemes and amnesty to the defaulters. Why not put personal properties of the defaulters under the hammer immediately instead of providing them a escape window. Debt recovery is joke in india.
Re: There is nothing we can do
by Sriram R on Sep 04, 2017 03:30 PM
Vikram - That is what is happening now and only NOW it is happening. I guess you have missed some news. The problem is that the debt is several times the value of the defaulters personal property. I really feel sad for Modi. He is doing what should have been done long back and obviously hardship will be felt by all especially the common man but eventually just when things start to look up we ungrateful Indians will vote him out and Congis will start to once again feast on India with a clean balance sheet
It is well known that loan terms and conditions have generally been disregarded. In addition to that heavy expenditure on technology has been incurred without taking permissible tax credits of excise and service tax.Further benefits of technology have not been realised inspite of substantial changes by in facilities and efficient systems by regulator, like clearing. Banks are following old practices and charging customers without justification. On every transaction banks want to discount the value of money hampering digitization. Have failed to raise income from tech introduction but lost money by investment and inefficiencies. Further have always been against checks and regulations and following hiding policies. Thus leading to accumulations of misdeeds. Training has been inadequate and faulty leading to customer harassment, dissatisfaction and disputes etc. Management has never taken care for right improvement.
The system today is very lenient to defaulters, big or small. A majority of people borrow with an intention to default. However many such defaulters are in a position to borrow again.
Unless the screws are tightened , defaults will continue
