What transpires when a politician evades a hundred crores to Indian bank? What if the same is done by a common middle-class borrower? Among all odds, the chances of the politician doing away is significantly higher. If you are listed as a guarantor, the bank for sure is going to give you a tough time, but if you are politician will the bank do the same remains an unanswered question.
Andhra Pradesh Human Resource Development Minister Ganta Srinivasa Rao’s properties have been attached by the Indian Bank’s Vishakapatnam branch after an establishment for which he stood as guarantor for a loan has failed to repay. The loans amounting rupees 141.68 crore was taken by Pratyusha Resources and Infra Limited. The Bank which earlier issued notice of having taken the possession of the properties, recently attached two more properties belonging to the borrowers.
The minister was one of the directors of the firm, but resigned after joining the cabinet. Ganta is known for his corporate style of politics and it is apparent that the political-corporate nexus worked in full swing for him. Indian Bank issued a position notice as they did not come forward to settle the dues. The National bank previously confiscated 26 properties belonging to 8 defaulters.
It has become a norm for politicians to use the political power and get the huge amount of loans and later becoming non-payers. The big banks of India have been facing losses and government has been negligent in recovering these bad loans or Non-Performing Assets (NPA). The alarming level of bad loans calls for a strict action from the government. The gaps in the debt recovery mechanisms, let the large defaulter do away with the money of public.
While the poor people are still recovering from the woes of demonetization, the rich and the powerful are defaulting crores of rupees. No Surgical attack on black money is going to have impact on these dodgers who are adding trucks of NPA each day. The law which is supposed to be same for commoner and politician as well, is more lenient towards the politicians. Ganta is just one of the players in a bungling system that has meritoriously robbed taxpayers.
