High Court calls for RBI master circular on loans - Mandi Gobindgarh News

Mandi Gobindgarh News

Mandi Gobindgarh News and Directory

drlalpathlabs.mandigobindgarh@gmail.com

Hot

Post Top Ad

Your Ad Spot

Friday, November 8, 2019

High Court calls for RBI master circular on loans


High Court calls for RBI master circular on loans

Saurabh Malik

Tribune News Service

Chandigarh, November 7

The Punjab and Haryana High Court has made clear its intent to go deep into the issue of bank frauds and loan defaults by seeking details regarding answerability and responsibility of functionaries involved in lending process.

The Bench has called for copy of master circular issued by the Reserve Bank of India “for accountability and responsibility of bank officers/officials regarding sanctioning of loan”. For the purpose of submission of details by the counsel representing the country’s largest lender — the State Bank of India — Justice Mahabir Singh Sindhu of the High Court has set two-week deadline.

The direction came after the Bench took on record affidavits filed by the SBI’s General Manager, Network-I, Rajeev Arora. The affidavits, among other things, stated that a total of 9,567 cases of fraud and default surfaced in Punjab. It added more than Rs 10,266 crore was involved in the cases pending before different forums, including Debt Recovery Tribunal and National Company Law Tribunal.

The information, indicating that Punjab banks were not isolated from financial losses due to scams, came amid reports that over Rs 71,500 crore was involved in bank frauds across the country in 2018-19. The case will come up for hearing on December 5.

No comments:

Post a Comment

Post Top Ad

Your Ad Spot