All India Bank Employees Association will observe December 5 as All India Demands Day to highlight the issue of huge increase in the bad loans in banks. The employees will wear badges and hold rallies to focus on the issue.
The association general secretary C.D.Josson said that banking regulations are being deregulated in the name of reforms. One of the major consequences is the increase in bad loans, mostly from big borrowers. Bad loans in public sector banks have gone up from Rs.39,000 crore in March 2008 to Rs.1,64,000 crore in March 2013. Fresh bad loans during the past seven years amounted to Rs.4,95,000 crore.
The association is demanding that the list of bank loan defaulters of Rs.1 crore and above be published. It wants wilful default to be made a criminal offence and recovery laws to be amended. The association also released a list of top loan defaulters in public sector banks. All Kerala Bank Employees Federation will organise demonstrations on the day at various places.