The All India Bank Employees’ Association has sought the immediate intervention of Chief Election Commissioner V.S. Sampath to disqualify top loan defaulters from entering the poll fray.
Talking to The Hindu on Tuesday, general secretary C.H. Venkatachalam said the top 50 defaulters owed the banks more than Rs. 40,000 crore. Among them were a sitting MP, a Union Minister and two Padma Shri awardees, who together needed to repay over Rs.7,800 crore.
Representatives of other unions have made similar a request to the CEC, for safeguarding their banks.
‘Make it a criminal offence’
“We have always been demanding that wilful default be declared a criminal offence. Today, we have written to the CEC to incorporate a specific provision to debar and disqualify candidates from contesting the coming Lok Sabha polls if they or the companies they are connected with are defaulters. We have sent the entire list of defaulters as there are chances of their contesting,” Mr. Venkatachalam said.
The letter said bad loans had increased more than four-fold from Rs.39,000 crore in March 2008 to Rs.1,64,600 crore in March 2013 and, in the last five years, the banks had to set aside profits ranging from Rs.11,000 crore to Rs.1,40,000 crore to offset bad debts.
Mr. Venkatachalam mentioned Kingfisher Airlines and Orchid Chemicals and Pharmaceuticals among the defaulters.
