The Reserve Bank of India, had time and again, announced One Time Settlements,to borrowers .
Non performing assets create panic to the banks.
The increase in the NPA’s, is due to the high interest rate, high power tariff, and high raw material costs.
Banks also contributed to the industrial unviability, by not sanctioning appropriate limits at the most propitious period.
Government policies are always favourable to farmers, as it has insisted the banks to waive of loans advanced to agriculturists.
Failures in the industrial sector should be analysed in three vital fronts.
1. Lack of proficiency at the managerial level.
2. Financial Institutions role in helping industries.
3.Recession unexpected.
If the first factor is pronounced , then the promoter should have to face the brunt.
When the second and third takes the foreliner , the entrepreneur is not to be blamed, as he is caught between the jaws of a wild crocodile.
Arbitrations are conductd for amicable solutions.
The Debt recovery tribunal is a body fully structured to give a competitive hearing to the defaulter, and mediate between the complainant and the customer.
The one time settlement announced by The Reserve bank Of India, is another equation to find a graceful settlement.
So far,,so good.
Let us take up the case of MR X.who is a first generation entrepreneur,.
His company became a NPA.
He accepted the settlement, put forth by the bank,according to RBI OTS.
He started his schedule,and diligently paid the instalments.
He could not make the last payment within the time frame stipulated by the Bank.
He accomplished his deal after 3 months.
A delay of three months , by X., who had remitted the majority of the amount, was deemed by the Officers as a serious and a deadly aberration.
They accepted his payment,but did not release his securities, as ,the collateral, he had given at the time of availing the loan turned out to be attractive, and of high value.
Let me come out withe the Bank’s identity.
The State Bank Of India ,is now in possession of the settlement amount, the securities and the interest accruals.
Shakespeare’s Shylock demanded a pound of flesh from Portia.
It is a milder comparison , I feel.
it would be a disgrace to Shylock ,if I try to draw parallels between him and the Officers .or rather the committee. as they call it.
Representations, pleas, and besechings of X have gone unnoticed.
He , after paying the OTS ,with a delay of just 3 months, is now bersek.
The bank is sitting pretty on this issue,, signalling a wily sneer and cheeky contempt at X .
They mercilessly deputed The Debt recovery tribunal officer to attach the property, on the eve of Deepavalli.
It was a ruthless, cruel ,condemmable implication
Are they really human?
Do they possess a heart?
What do they expect?
Mr X.is already battered by the loss his company made, tossed by the interest he has to pay, , has sold his unencumbered assets to meet the OTS,.and set sail abroad to take up an assignment to keep him going.
He has now only his shirt on .
The bank officials can rip him off . and lay him bare chested by their offensive guiles.and vehement syntax..
In spite of being in such a sordid ambience.Mr X wishes in good spirit.
May the officers tribe increase.!
May the committee flourish!
May the Bank prosper!.
Mr X, I submit my anthems to you with folded hands.
God be with you.
Meenas Poems 