Indian Economy: News and Discussion

Kumata

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meanwhile.if you are a tax payer.. u cannot Enrol in Atal pension yojna and if u have subscribes earlier..u will be given all the money back... 😂 😂 🤣


Basically, If u even pay a 1 re as tax... u r on your own.. Tai will ensure u go back to poor category once u r not tax payer in ur old age.. 😂 😂
 

Kumata

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Typical hit job against Narendra Modi.

Stopped reading after -




those are facts baba... revealed via RTI. U can call them whatever but u cannot deny them...

point is banks cannot recover these and likes of mallya are biggest beneficiary...
 

another_armchair

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those are facts baba... revealed via RTI. U can call them whatever but u cannot deny them...

point is banks cannot recover these and likes of mallya are biggest beneficiary...
What? Banks cannot recover? Write off means cleaning up the books. How did banks recover loans that were written off?

Some dude had started a thread, had shared data to debunk his vaporware. This topic keeps coming up every other day.

Most of the loans written off belonged to those issued during UPA era.

RBI after due consultations with NDA-2 Govt cracked down on banks to clean up their books because credit growth had ground to a halt and firms had to pay up to 14% towards working capital. Yeah.. golden years of UPA.




The public sector banks (PSBs) since FY2014-15 have recovered Rs 6.42 trillion of non-performing loans and written-off loans and have filed suits against 98.5 per cent of wilful defaulters, The Economic Times (ET) reported on Monday quoting government data.

From FY16 to FY21, the central government has infused Rs 3.36 trillion of capital in PSBs, while banks have raised an additional Rs 2.99 trillion from the markets, the data shared by ET stated.

Meanwhile, the PSBs provision coverage ratio, a measure that indicates the amount set aside by lenders to cover bad loans, improved to 86.9 per cent by the end of FY22, from 46 per cent at the end of March 2015, the data showed.
 
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another_armchair

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those are facts baba... revealed via RTI. U can call them whatever but u cannot deny them...

point is banks cannot recover these and likes of mallya are biggest beneficiary...
LOL...


Worse, Banksters sold his stake in UB and pocketed the money.


A State Bank of India (SBI)-led consortium that lent loans to fugitive businessman Vijay Mallya on Friday received ₹ 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the Enforcement Directorate said.
The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about ₹ 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mr Mallya in Mumbai.

These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.


"Today, SBI led consortium received ₹ 5824.5 crore in its account from the sale of shares of United Breweries Limited."

"The sale had taken place on 23.06.2021 as sequel to the transfer of the shares to the Recovery Officer by ED," the central agency tweeted.
Heck, even Pappu and Saadji have stopped talking about Mallya.
 
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IndianHawk

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Coalmine

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meanwhile.if you are a tax payer.. u cannot Enrol in Atal pension yojna and if u have subscribes earlier..u will be given all the money back... 😂 😂 🤣


Basically, If u even pay a 1 re as tax... u r on your own.. Tai will ensure u go back to poor category once u r not tax payer in ur old age.. 😂 😂
It gives max 5000 rs pension at 60 age. Quite less.
 

Kumata

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What? Banks cannot recover? Write off means cleaning up the books. How did banks recover loans that were written off?

Some dude had started a thread, had shared data to debunk his vaporware. This topic keeps coming up every other day.

Most of the loans written off belonged to those issued during UPA era.

RBI after due consultations with NDA-2 Govt cracked down on banks to clean up their books because credit growth had ground to a halt and firms had to pay up to 14% towards working capital. Yeah.. golden years of UPA.



what it means when banks says they have written off the loans..

why will they try to recover once they have not on their books... there is no danda.

as for mallya goes.. there is more... if he is so clean that what is stopping him. from coming back..

and what is this pappy & of kejuddin.. so if they stop talking sab changa si... 😂 😂



One more gem from baba... hyprcrite.. he is implying as if he is as white as pure milk..people r picking liks of kejuddin because they realise they are funding his life style and get zilch in return after paying their fare share... so whatever can be recover let it be... who cares...
 
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Kumata

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It gives max 5000 rs pension at 60 age. Quite less.
point is..this is a policy flip flop which baba was claiming to be against.

for the record.. 5k is a decent amount for somebody who is not earning anything in old age. it was not a freebie but person was contributing to it month o month for his old age. it was being used by all as a old age source of income but with this all will have to shift to NPS & AND useless epfo. same govt is fighting in SC for enhanced pension under Epfo.They r implying as if NPS is holy grail of everything but only future will tell how it performs.

So basically I if MMS said chsulims have first right on country, 's resources.. baba is saying same but replace Muslims with POOR.

rrest all can either immigrate or be among these subsidy seekers once they are not useful to govt... and than we say we are democratic socialistic republic... 😂 😂 🤣
 
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Haldilal

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Ya'll Nibbiars On Today 1990 :: TV Series 'Surabhi' Begins On Doordarshan.

And It was a land mark show which pave the way for the variety shows which has now become a billion dollars industry on its owns. And Renuka Sahane was casted only due to her smile
She failed the screening test badly. The post office also got benefited with lakhs of post card per show after the 1991 years. Hardly any show would had such a economic Impact before this India.

FZ5UiwXaAAEfIFm.jpeg
 

another_armchair

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what it means when banks says they have written off the loans..

why will they try to recover once they have not on their books... there is no danda.

as for mallya goes.. there is more... if he is so clean that what is stopping him. from coming back..

and what is this pappy & of kejuddin.. so if they stop talking sab changa si... 😂 😂



One more gem from baba... hyprcrite.. he is implying as if he is as white as pure milk..people r picking liks of kejuddin because they realise they are funding his life style and get zilch in return after paying their fare share... so whatever can be recover let it be... who cares...
You are confusing loan waiver with loan write off. Both are vastly different.

They key differences between a loan write-off and a loan waive-off are as follows:

In layman language - https://www.bajajfinservmarkets.in/...between-write-off-and-waive-off-of-loans.html

Loan Waive-OffLoan Write-Off
A loan waive-off is a complete cancellation of a loan account. This means that the borrower is free from that particular debt.Lenders write-off loans to clean up the balance sheet. But, the loan account stays in their books as they hope to recover it at a later date.
When a loan is waived-off, the bank will not attempt to take any legal action against the borrower to recover the loan.A loan write-off means that the loan account is not closed, which means that the lender can try to recover the loan amount with the help of a legal entity.
In the case of a waive-off, if the borrower has offered any kind of collateral to the lender, their ownership papers will be returned to them.In the case of a write-off, any collateral given by the borrower will either be confiscated until the borrower makes the repayment. Alternatively, the collateral is auctioned off to recover the loan amount.
A loan waive-off is a facility provided by the government to farmers at times of natural calamities.It is a lawful process that is frequently carried out by banks in which banks and NBFC write-off loans to minimise tax liabilities.
Lenders perform this action voluntarily with the support of the government.It is a practice carried out by lending institutions on their own frequently.

Annadatas got a loan waiver.

Why should Mallya come back to become a public spectacle? Once outstanding debt is recovered by the bank, he is a free man. Whether he paid back the bank or the bank disposed off the assets seized by it during the process of loan recovery, means the same - debt recovery.

Pappu and Saadji often quoted Mallya as an example of NDA large heartedness which was amusing as fuk.
 

Shuturmurg

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Ok, cement, metals.

What next?

Do we see him throw a challenge at L&T or simply offer to buy them out?
Next he will run away to london.
 

Indrajit

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Why should Mallya come back to become a public spectacle? Once outstanding debt is recovered by the bank, he is a free man. Whether he paid back the bank or the bank disposed off the assets seized by it during the process of loan recovery, means the same - debt recovery.
No, he's not. There are criminal cases against him. No escape from that.

He got greedy, thought he could run away and the banks will compromise. Now even the interest is being recovered. Had he stayed here, he might have been able to resolve it ages ago and not only be a free man, he would have retained quite a bit of his wealth.
 

Kumata

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You are confusing loan waiver with loan write off. Both are vastly different.

They key differences between a loan write-off and a loan waive-off are as follows:

Pappu and Saadji often quoted Mallya as an example of NDA large heartedness which was amusing as fuk.
I fully understand the diff. My point is that Once banks have written off the loan ( which happens after all recovery methods are tried) , they will have no motivation to recover them. It goes into the cycle of DRT/ milords while banks absolutely own no responsibility for lending that loan. Ultimately, they get more money from RBI to pay more loans for so called "growth".

I am yet to see a single action being taken against any bank who lended these huge sums. Did any head moved for loans given to like of choksi, mallya and modi or that diamond trader...Zilch.

On the Mallya case.. I am curious how did banks recover when the collateral given were dead ... One classic collateral was brank name of "kingfisher" :D

I can bet that once khangress or any non BJP govt is in place first guy to be investigated will be "Adani".
 

Indrajit

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Did any head moved for loans given to like of choksi, mallya and modi or that diamond trader...Zilch.
Mallya is not the same as Nirav Modi and Choksi, the latter two are pure crooks. Mallya ran a fairly large industrial conglomerate for decades before foolish business decisions, especially Kingfisher Airlines did him in. If you look at it, his less than $100 million investment in buying RCB is alone worth over a billion dollars( going by auction value alone). His biggest mistake was running, he had the assets to pay off the banks and still have a lot but he decided otherwise.
 

Kumata

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Mallya is not the same as Nirav Modi and Choksi, the latter two are pure crooks. Mallya ran a fairly large industrial conglomerate for decades before foolish business decisions, especially Kingfisher Airlines did him in. If you look at it, his less than $100 million investment in buying RCB is alone worth over a billion dollars( going by auction value alone). His biggest mistake was running, he had the assets to pay off the banks and still have a lot but he decided otherwise.
He fled due to being unable to service the loans. There is more to it than what's in public domain on top.

Moreover, RCB / UB was not his personnel fiefdom that he can do what ever he wants. RCB is owned by UB , which is a Public traded company. was Mallya owner of more than 50% in UB , If not than there is no way he cud have sold RCB to service KF's debt..
 

another_armchair

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No, he's not. There are criminal cases against him. No escape from that.

He got greedy, thought he could run away and the banks will compromise. Now even the interest is being recovered. Had he stayed here, he might have been able to resolve it ages ago and not only be a free man, he would have retained quite a bit of his wealth.
I meant free from debt. He doesn't owe them any more money.

As for legal tangles, a cheque bounce is also a criminal offence. Even if the other party absolves you and you settle it with the beneficiary, you still owe the bank 'cheque bounce charges' till you pay/settle the issue with the bank.

If you have an outstanding phone bill, you join the hall of fame at CIBIL even if the outstanding amount is some Rs. 300 and is due to a dispute with the service provider.
 
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Kumata

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I meant free from debt. He doesn't owe them any more money.
Did he paid up the interest too.. Or shud i say banks recovered the interest too... ultimately, he did paid anything.. banks encashed the few available collaterals..
 

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