Soon Send, Get Money with­out Bank Ac­count

The Economic Times - - Front Page -

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.

FULL RE­PORT

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.

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