Banks in quandary: Who is responsible?
The category of people that claims to pay ‘taxes’ is always somewhat averse to the aspect of loan waiver of the farmers. They force the farmers to stand in the position of criminals by saying they squander the resources of the country by way of misusing the loan waiver facility, hence forcing the banks to wallow in bad debts. The central government that has given entire control of banks to corporate sector, has maintained stoic and cruel silence in the case of farmer loan waiver. If we begin to find answers to the question of whether we are really in bad debts owing to farmer loans, the answer lies in the fact that corporates are misusing the banks by looting them and shifting the whole blame on farmers.
RBI figures will reveal more than the amount of farmers’ loan waiver, the unpaid corporate debts are many times higher. Now the centre is all set to use the government reserve funds to pay off the banks’ coffers in order to make good for the unpaid loans by corporates. The fact that this has burdened the banks many times more than the loan waiver, on the government resources has been shut off without any discussion. No one is asking if the reserve funds can be used to cover for bad corporate loans, why can they not be used to make good for loan waiver.
A total of 10 state governments have so far announced Rs 1,84,800 cr loan waiver so far in 2017-18. But about a 10 corporates in India have raised loans upto about Rs 7,31,000 cr in 2015 which is about four times higher compared to the loans utilised by farmers. At the same time, the amount of top 12 non performing assets is double the amount of loan waiver standing at Rs 3,45,000 cr. According to the RBI report that was released in December 2018, the total amount of loans given by banks in 2017 and 2018 is Rather 71.5 lakh cr and Rs 77lakh cr respectively. In the corresponding period, loans for agricultural purposes stand at Rs 10 lac cr and industries have raised a loan of about Rs 26-27 lac cr respectively. Which means major loans going beyond Rs 5 cr given to big names itself crosses Rs 22 lac cr.
To put this in precise terms, the amount of bank loans given to 10 major corporates amounts to 10-14% of the total loans given by the banks, which stands at Rs 7 lac cr. Industries have utilised nearly 27% of this share. Agricultural loans stand at a mere Rs 7.7 cr. Which means the entire loan given to agricultural segment is equivalent to the loans given to top ten corporates. RBI has handed over the duty of recovering loans to National Companies Act Tribunal in 2017. Rs 48,300cr was recovered from 4 companies among them in a year. This out is miniscule compared to a total of Rs 3,45,000 cr overall nonperforming assets.
The rest of Rs 3,00,000 remains to be recovered. This amount is double than the total loan waiver announced by 10 states. Among these the amount of loans that have been written off by banks stands at Rs 11,106 cr, which is more than the loan waiver announced by Chhattisgarh and Andhra. Numbers reviews that even the agricultural loans are being usurped by those corporates who are keen on making investments in agricultural sector. Loans that went beyond Rs 10lacs in 1990 stood at 4.1% and this has increased by 23.8% by 2011. At the same time small loans under Rs 2 lac have reduced from 92.2% to 48%.
To an RTI query submitted by The Wire publication the RBI has responded with the response that govt banks had given away Rs 58,561 cr loans to 615 accounts. On an average this means each account got Rs 95 crore agricultural loan. corporate loans are the main reason for the increase in agricultural loans in India. The clause in bankruptcy process allows the pleader to save minimum assets for his safety. Hence corporate bankruptcy allows the corporate to erase old records on balance sheets and start with the new one reestablishing their relationship with financial institutions. Hence they can save their personal assets and lifestyle even after the pleaded bankruptcy. But the farmers who lose resources owing to loans that there is to save themselves from nature successes and distressful conditions lose every bit of their property.
None of the farmers have escaped the country like corporate bigwigs who have filled after raising thousands of crores in loans. They have cleared the bank notices and recovery agents and have committed suicide paying with their own lives. They have never planned on cheating the banks like their rich corporate counterparts. Agriculture is the soul of this nation food security plays a major role in the sovereignty of this country. The more this country depends on another nation for its food needs it will have to pledge its self respect at the feet of richer nations. If thousands of crores can be used to waving corporate loans a part of that must be also used to waive agricultural loans as well. Only then agriculture can be saved in this country and the country can progress well.
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Rohit identifies Arshdeep, Hardik as key to India's chances in T20 World Cup
New Delhi (PTI): T20 World Cup-winning captain Rohit Sharma reckons all-rounder Hardik Pandya and left-arm seamer Arshdeep Singh will hold the key to India's prospects in the upcoming edition of the tournament.
Defending champions India will enter the T20 showpiece as one of the overwhelming favourites due to their massive depth and quality.
Rohit highlighted Arshdeep's effectiveness with the new ball and at the death.
"It is a big positive to have both Jasprit Bumrah and Arshdeep Singh together because they always attack for wickets. Arshdeep's biggest strength is swinging the new ball and taking early wickets. He mainly bowls with the new ball and at the death. Starting and finishing are the most important phases, and he is strong in both," Rohit told JioHotstar.
"With the new ball, he swings it to get left-handers caught in the slips and targets the pads of right-handers. He has also started taking the ball away from right-handers. These skills are key for a new-ball bowler. He always tries to take wickets, which is why he bowls the first over."
Rohit added, "In the 2024 T20 World Cup final against South Africa, he did a great job. I still remember he dismissed Quinton de Kock when he was set and batting well. In the 19th over, he gave away just two or three runs, which built pressure on the South Africans.
"That is his game, bowling with the new ball and at the death, and he will play a key role for India in the 2026 T20 World Cup."
India won the last edition of the tournament in the Americas under Rohit's captaincy, after which the dashing opener retired from the T20 format internationally.
Rohit also spoke about how Hardik's dual role as a finisher and multi-phase bowler provides crucial balance to the Indian team.
"Whenever Hardik Pandya is in the team, his role is huge. He bats and bowls very consistently. His batting is crucial when the team is stuck. If we have a score of 160 on the board in 15-16 overs and Hardik is batting, then he's the one who can help the team reach 210-220 from there or if we are 50 for 4, he has to build the innings.
"Batting in the middle order at 5, 6, or 7 is very tough. That is why Hardik's role is critical in any format. We know his bowling. He bowls in key phases, with the new ball, in the middle and in the death as well. His role is very important because he gives the team balance, letting us play six bowlers and keep our batting deep."
Rohit said accommodating both Kuldeep Yadav and Varun Chakravarthy together in the playing XI is going to be a big challenge for the Indian team management.
"The biggest challenge for captain Suryakumar Yadav and coach Gautam Gambhir will be how to play both Kuldeep Yadav and Varun Chakaravarthy together. If you want that combination, you can only do it if you play with two seamers, which is a big challenge.
"But honestly, I would be tempted to play both Varun and Kuldeep because they are wicket-takers and batters struggle to read them. I would surely pick them."
The former India skipper added, "Looking at the conditions in India, like in this New Zealand series, there is a lot of dew. In February and March, dew will be heavy across most parts as winter ends.
"Even in Mumbai, which doesn't get cold, there's still dew. I'd say 90-95 percent of grounds in India have dew. That's the challenge. What do the coach and captain think? Are they comfortable with three spinners? Then they can play spin, but there's no fixed rule. It depends on the team leaders' thinking."
Rohit also urged Kuldeep to stop appealing on every ball and to rely on the wicketkeeper's judgment for reviews.
"My one simple advice to Kuldeep is to just bowl quietly and go back to his mark. You can't appeal on every ball. This is basic. I keep saying it, but it still happens often. Even after telling him many times, he appeals at every chance. You have to use your head. Just because it touches the pad, it doesn't mean it's out every time. This isn't gully cricket.
"I get he is enthusiastic, but think of the team first. Each team only gets two DRS reviews. If I was the keeper, I could see where the ball pitched and if it was hitting, I could tell the bowler.
"But from covers or slip, you don't know the angle. You have to listen to what the keeper and bowler say. That's why when there's a review off Kuldeep's bowling, I don't look at him, I look at the keeper to decide."
The T20 World Cup is scheduled to be held in venues across India and Sri Lanka from February 7 to March 8.
