Soon Send, Get Money without Bank Account
With the upcoming payments bank by IndiaPost, over 112 crore Indians will be able to send and receive money only on the basis of the Aadhaar number; it won't matter whether it is linked to a bank account or not, reports Surabhi Agarwal from New Delhi.
In January, the Central Bureau of Investigation had arrested IDBI Bank’s former chairman Yogesh Aggarwal in connection with a Rs 950-crore loan given by the bank to the now-defunct Kingfisher Airlines. CBI raised queries about how the bank lent money to the company that was rated below investment grade.
“We are not looking at consolidation among public sector banks till the situation of bad loans improves,” said the ministry official cited earlier. The government will now look at a new strategy to divest its stake in IDBI Bank, he said.
Bankers said at the meeting that often they are faced with the difficult decision of pulling back their investment from a struggling company at the risk of sinking it or lending more to salvage earlier lending. In such a case, they would be open to risk of prosecution later if the loan turns into a non-performing asset. Banks Board Bureau chairman Vinod Rai had earlier told ET that there will be no witch-hunt against bankers for loan defaults and that investigation agencies cannot take action without merit in cases.
“I am confident that no action would be taken against any banker unless there were very clear indications of malfeasance,” he had said.