Rs. 2.4 Lakh Crore Loans Written Off In Over 3 Years
Mumbai: Public sector banks (PSBs) wrote off Rs. 2.41 lakh crore worth of loans in over three years, between April 2014 and September 2017. This was disclosed by minister of state for finance Shiv Pratap Shukla said in a written reply in Parliament on Tuesday.
The disclosure came under strong criticism from Bengal chief minister and Trinamool Congress chief Mamata Banerjee. "I am shocked to see that at a time, when the farmers in the country are crying and committing suicide for their loan burden and asking for waiver of farmers' loan, the Government of India have not even considered that," the West Bengal chief minister said in a Facebook post.
In his reply to the Rajya Sabha, the union finance minister of state said that writing off non-performing assets (NPAs) or bad loans is a regular exercise conducted by banks to clean up their balance sheet and to achieve taxation efficiency.
"As per Reserve Bank of India (RBI) data on global operations, public sector banks have written-off (including compromise) an amount of Rs. 2,41,911 crore from financial year 2014-15 till September 2017," the minister said.
Borrowers, however, continue to be liable for repayment despite the write-off, the minister added.
Bank write off is the deduction in the value of earnings by the amount of an expense or loss. It means to remove loans from their balance sheets only and reduce the overall tax liability.
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Karnataka Maritime Board announces plans for Mangaluru Water Metro Project
Mangaluru (Karnataka), Nov 4: After being endowed with multi connectivity facilities like three national highways, port and airport, Mangaluru city is now looking at a significant move towards sustainable urban mobility as the Karnataka Maritime Board (KMB) has announced plans for the Mangaluru Water Metro Project (MWMP), officials said on Monday.
This ambitious initiative aims to transform public transportation in the state, utilising National Waterways to connect areas along the Nethravathi (NW-74) and Gurupura (NW-43) rivers, they said.
Set to become India's second-largest water transport system after Kochi, the project promises an eco-friendly, economical and efficient mode of travel, the officials said.
According to officials, the MWMP will connect isolated communities from Bajal to Maravoor, enhancing accessibility and promoting the holistic development of these regions. The initiative is expected to boost local livelihoods and improve the standard of living through integrated transport networks.
According to the project report available with PTI, the MWMP will be rolled out in phases, with the initial stretch covering 30 kilometres along the Nethravathi and Gurupura river backwaters.
The priority route, beginning at Bajal on the Nethravathi and extending to the Maravoor Bridge on the Gurupura, will feature around 17 modern Metro stations.
Key locations such as Someshwara Temple, Ullal and the New Mangalore Port are included in the proposed route. State-of-the-art electric and diesel catamaran boats will be deployed, equipped with essential amenities to ensure a high standard of comfort and operational efficiency.
A comprehensive Feasibility Report (FR) will assess the project's viability, presenting a detailed cost-benefit analysis, market potential, operational strategies and environmental considerations.
"The report will objectively evaluate the project's merits and challenges, providing crucial information for decision-makers, stakeholders and investors," they said.
Officials in the port and fisheries subdivision told PTI that key areas of analysis has been based on assessing the potential to decongest old port areas, exploring the feasibility of cargo movement using Roll-on/Roll-off (Ro-Ro) water metros, examining water level variations influenced by tidal flows, integration with feeder services to ensure seamless last-mile connectivity, demand forecasts over a 25-year period, based on extensive socio-economic research of usage and utility of the MWMP.
The project's Terms of Reference (ToR) emphasise sustainable development, involving thorough site identification, user demand assessments and environmental impact studies. Comprehensive surveys such as LIDAR mapping, bathymetric studies and topographical analysis will ensure accurate planning and implementation, the officials told.
Furthermore, technical collaborations with national institutes of repute will support studies on wave tranquillity, vessel height clearance and infrastructure recommendations for jetties and repair facilities, they said.
A detailed environmental monitoring programme will assess air and water quality, noise levels and aquatic biodiversity in line with Ministry of Environment, Forest, and Climate Change (MOEF&CC) guidelines, the officials added.
The officials of the Maritime Board said the MWMP promises significant economic and environmental benefits, from easing traffic congestion to reducing air pollution. The project will also explore non-fare revenue streams and develop models to ensure financial sustainability.
A socio-economic impact assessment will measure the project's contribution to regional development, backed by projected revenue from passenger fares and ancillary services, a senior official said.
The Board also aims at championing cleaner and greener transportation and to set a precedent for sustainable urban mobility, positioning Mangaluru as a progressive city that leverages its waterways, he added.
