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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South zone finalists announced at WAVES VFX challenge in Bengaluru
Bengaluru: The South Zone round of the WAVES VFX Challenge took place today in Bengaluru, organized by the Association of Bangalore Animation Industry (ABAI).
The day-long competition brought together talented participants from across southern India, with the goal of selecting top finalists who will go on to represent the region at the national finals next month during the WAVES Summit in Mumbai.
Finalists were selected in three categories:
Student Category
Winner: Soumya Das
Runner-up: Gagan HP
Professional Category
Winner: Mohamad Javeed
Runner-up: S Sai Chandan
Enthusiasts Category
Winner: Gagan Ajai
Over 1,500 entries were received from students, working professionals, and VFX enthusiasts, all centered around the theme “Super Hero Power.” Out of these, 14 entries were shortlisted to compete in today’s final round. One winner and one runner-up from each category were chosen to represent the South Zone in Mumbai.
ABAI Secretary R.K. Chand appreciated the strong participation and encouraged industry professionals to attend the Mumbai summit, which will host well-known personalities from films, advertising, and creative sectors. He also mentioned that the WAVES Challenge was recently launched in Bengaluru by Sanjay Jaju, Secretary, Ministry of Information and Broadcasting.
The event was inaugurated by Dr. Sagar Gulati, Director of the School of Creative Design and Information Technology at Jain (Deemed-to-be University), the zonal partner for the competition.
The day also featured two special sessions led by industry experts. Vijay Selvam from the global VFX studio MPC held a masterclass titled “Concept Reality,” where he discussed lighting, animation, compositing, and photorealistic effects. Students got the chance to interact with him during a Q&A session.
Another session was conducted by Rakesh H, Lead Head at The Mill, who spoke about how visual effects are used in advertising. Nearly 100 students attended these sessions, gaining valuable industry insights and learning opportunities.
