Latest news with #Securitisation
Indian Express
6 days ago
- Business
- Indian Express
Public sector banks wrote-off Rs 12.08 lakh crore loans since FY16
PSB Loan Write Off India: Public sector banks (PSBs) have written off loans worth Rs 12.08 lakh crore since FY16. In a written reply to Rajya Sabha on July 22, Minister of State for Finance Pankaj Chaudhary said, 'Banks write-off non-performing assets (NPAs), including, inter-alia, those in respect of which full provisioning has been made on completion of four years, as per RBI guidelines and policy approved by banks' Boards.' Chaudhary further added that such write-off does not result in waiver of liabilities of borrowers and therefore, it does not benefit the borrower. He added that the borrowers continue to be liable for repayment and banks continue to pursue recovery actions initiated in these accounts. 'As per the Reserve Bank of India (RBI) data, public sector banks (PSBs) have written-off an aggregate loan amount of Rs 12,08,828 crore, from the financial year 2015-16 to financial year 2024-25 (provisional data),' the Union Minister said. Chaudhary was responding to a query from TMC MP Ritabrata Banerjee, who asked whether Public Sector Banks had written off a huge amount of loans over the past ten years. Banerjee also requested bank-wise and year-wise data for the last five years, along with the reasons behind these write-offs. Chaudhary stated that recovery in written-off loans is an ongoing process. '…banks continue pursuing their recovery actions initiated against borrowers under the various recovery mechanism available to them, such as filing of a suit in civil courts or in Debts Recovery Tribunals, action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, filing of cases in the National Company Law Tribunal under the Insolvency and Bankruptcy Code, etc,' the MoS Finance said. (Amounts in crore Rs.) Source: RBI * RBI provisional data for FY 2024-25
Time of India
18-07-2025
- Business
- Time of India
Coffee Research Institute aims to focus on scientific research
Chikkamagaluru: At a time when one of India's prime institutions, the Central Coffee Research Institute (CCRI), Balehonnur, is preparing for its centenary celebration, it adopted the motto India's Coffee Surge from Seven Seeds to Seven Lakh Tons. The centenary ceremony will be celebrated in Nov. The centenary celebration logo and theme were unveiled on Friday. Speaking after unveiling the logo, the Coffee Board chairman MJ Dinesh said that in anticipation of India's 100th year of Independence in 2047, the Coffee Board's primary goal is to achieve a leap from seven seeds to 7 lakh tons by 2047. As part of the centenary celebrations in Nov, the Central Coffee Research Institute in Balehonnur will release a new disease-resistant coffee variety, he said. The institute aims to focus on scientific research, farmer participation, and market expansion. Farmers participating in this initiative can benefit significantly, he noted. There is also an aim to enhance coffee value addition, which involves increasing production and reducing maintenance costs, ultimately securing better prices in the domestic market. Training on a diploma in marketing management is being offered at the research centre, he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Better hearing starts here Amplifon Book Now Undo Celebrating its centenary year, CCRI has launched its logo and motto through a scientific movement. Karnataka's coffee has its own history and culture, which needs to be passed on to future generations. To benefit coffee growers, the coffee museum is being renovated and rededicated. Coffee Board secretary M Kurma Rao highlighted that the Balehonnur Coffee Research Centre is a world-class research institution. Sixteen coffee varieties have been developed there, with Chandragiri being the most popular. It is everyone's responsibility to carry this variety forward for the next hundred years while increasing production with quality, he stated. Udupi-Chikmagalur MP Kota Shrinivasa Poojary mentioned discussions in Parliament to exempt coffee cultivation from the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI). He met with commerce minister Piyush Goyal about this complex issue. After meeting finance minister Nirmala Sitharaman, a temporary solution was devised to direct banks to halt forced loan recoveries and extend repayment arrangements for six months. Out of 800 indebted coffee growers, 500 settled their loans through a one-time settlement, while 300 are awaiting legislative relief. Discussions with ministers on this matter have taken place, he said. CCRI research division director M Senthil Kumar, Air Deccan founder and progressive coffee grower Capt GR Gopinath, Kodagu Growers Association president A Nanda Belliappa, All India Coffee Curers Association president AN Devaraj, Odisha Coffee Growers Association's Pradeep Kumar Mohanty, Indian Coffee Marketing Cooperative Society president AA Shiva, Karnataka Growers Federation president HB Shivanna, and others were present.
Time of India
12-07-2025
- Business
- Time of India
I have done no wrong, being targeted politically: Rohit Pawar on being named accused in MSCB 'scam'
After the Enforcement Directorate (ED) named him as an accused in the alleged Maharashtra State Cooperative Bank (MSCB) scam, NCP (SP) MLA Rohit Pawar on Saturday claimed he has not done anything wrong and that he was being targeted with political motives. Pawar said he was being singled out despite 97 others being named in the FIR, and added that since the matter is now in the court, he will fight out the case legally and win it. The ED named Pawar, who represents the Karjat-Jamkhed assembly constituency in Ahilyanagar district, as an accused in the chargesheet, submitted in a special court in Mumbai recently, in the alleged MSCB scam . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally Undo The MSCB money laundering case stems from an August 2019 FIR of the Mumbai police's Economic Offences Wing (EOW), alleging fraudulent sale of SSKs (Sahakari Sakhar Kharkhana or cooperative sugar mills) by the then officers and directors of the MSCB at throwaway prices to their relatives/private persons without following the due procedure. The Kannad SSK in Chhatrapati Sambhajinagar was purchased by Baramati Agro Ltd, which is a company of Pawar. Live Events The probe agency has alleged that MSCB, in order to recover an outstanding loan of Rs 80.56 crore of Kannad SSK Limited took possession of all its assets on July 13, 2009 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. The MSCB then conducted an auction on August 30, 2012 of Kannad SSK by fixing a "very low" reserve price based on a questionable valuation report. Apart from Baramati Agro, two other parties entered the bidding process. The bidder with the highest bid was technically disqualified on flimsy grounds, whereas the other bidder was already a close business associate of Baramati Agro with no financial capacity or experience of running a sugar unit, the ED said. Talking to reporters here, Pawar said, "When the ED registered the FIR, it named 97 individuals, including some political leaders. My name was not there. Before Baramati Agro purchased the sugar mill, the unit was under an administrator's control as there was no properly elected board of directors. It was the administrator who floated the tender, which Baramati Agro later secured through due process." During the probe, the ED kept all 97 people aside and started a probe against him, he added. "In 2024, I was called to the ED office twice for questioning. I was questioned for 12 hours, I gave all the information to ED officers. They probed everything. They even visited the mill. Though the ED has taken the symbolic possession of the mill, it is still run by me. No farmer will face any issue," he said. Of the 97 persons named in the FIR, many are now associated with the BJP, the Eknath Shinde-led Shiv Sena or Ajit Pawar's NCP, he claimed. "There is an attempt to single me out and take action against me by ED. This looks political but I will fight this battle and win it," he said. When asked why he believes he was targeted, Pawar said, "If you observe, I am the only one who is actively raising voice against the government in the current monsoon session of the legislature." Now that the chargesheet has been filed, the matter lies in the judiciary's hands, he said. "We were waiting for the chargesheet to be filed. Now that it has been filed, we trust the judicial process and are confident of getting justice. I am absolutely convinced that I have done nothing wrong. I am not afraid. We are not among those who run away. We will fight this battle. We are Marathi people - we do not bow before Delhi," he asserted. Calling it a battle of ideology, Pawar said, "Others may have run away, but I will stand and fight till the end."
Hindustan Times
12-07-2025
- Business
- Hindustan Times
Rohit Pawar named in charge sheet in Kannad SSK case
MUMBAI: The Enforcement Directorate (ED) has submitted a supplementary charge sheet against NCP (SP) MLA Rohit Pawar and two others in its money laundering probe relating to the sale of sugar mills by the Maharashtra State Cooperative Bank (MSCB). Rohit Pawar (PTI Photo) (PTI) The investigation, under the Prevention of Money Laundering Act (PMLA), found that the acquisition of the Kannad Sahakari Sakhar Karkhana (SSK), based in Chhatrapati Sambhaji Nagar, was allegedly illegal, according to ED officials. The Kannad SSK has been acquired by Baramati Agro Private Limited (BAPL) owned by Pawar. The ED had issued a provisional attachment order under PMLA, attaching all the assets of Kannad SSK, worth ₹50.20 crore, in March 2024. Pawar, BAPL's then chief executive officer, was questioned twice by the ED last year. The NCP (SP) MLA represents the Karjat-Jamkhed assembly constituency in Maharashtra. NCP (SP) spokesperson Clyde Crasto said on Friday, 'The opposition has been targeted for a long time now, while those in government are being overlooked despite evidence of malpractices. Pressurising the opposition through central agencies has not worked before and will not work in the future either.' The MSCB money laundering case arises from an August 2019 FIR of the Economic Offences Wing (EOW) alleging fraudulent sale of Sahakari Sakhar Kharkhana (SSKs) by then officers and directors of the bank at 'throwaway prices' to their relatives or private persons, without following due procedure. The EOW has alleged that MSCB, in order to recover an outstanding loan of ₹80.56 crore from Kannad SSK, had taken possession of all its assets in July 2009, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. Further, on August 30, 2012, the MSCB had conducted an auction of Kannad SSK by allegedly fixing a very low reserve price based on a questionable valuation report, ED sources said. Apart from BAPL, two other parties had entered the bidding process. The bidder with the highest bid was allegedly technically disqualified on allegedly flimsy grounds, whereas one of the other bidders was already a close business associate of BAPL, with no financial capacity or experience of running a sugar unit, according to the ED. Kannad SSK was eventually purchased by BAPL allegedly for around ₹50 crore. BAPL was on the ED's radar in the case for allegedly funding a co-bidder for complying with the requirement of submitting an Earnest Money Deposit (EMD) of ₹5 crore to participate in the auction, according to ED sources. The ED has submitted a main charge sheet and two supplementary charge sheets before a Mumbai special court in connection with its probe relating to allegedly wrongful acquisition of three other SSKs as part of the MSCB case investigation.
