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Bank union releases list of top defaulters

The All India Bank Employees’ Association (AIBEA) has released a list of top 406 defaulters against whom banks have initiated legal actions. These entities include Kingfisher Airlines (Rs 2,673 crore), Winsome Diamond & Jewellery Co (Rs 2,660 crore) Electrotherm India (Rs 2,211crore), Zoom Developers (Rs 1,810 crore), Strerling Bio Tech (Rs 1,732 crore), S. Kumars Nationwide (Rs 1,692 crore), Surya Vinayak Industries (Rs 1,446 crore), Corporate Ispat Alloys (Rs 1,360 crore), Forever Precious Jewellery & Diamonds (Rs 1,254 crore), Sterling Oil Resources (Rs 1,197 crore) and Varun Industries (Rs 1,129 crore). AIBEA wanted the regulator to publish the list of bank loan defaulters of Rs 1 crore and above, and asked it to consider wilful default of bank loan as a criminal offence. Further, it also demanded amendment of laws to speed up recovery of bad loans and implementation of stringent measures to recover bad loans.

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