The Finance Ministry refused to list out 34 power projects that defaulted on bank loans worth crores of rupees to a parliamentary panel on Energy on Thursday.
Earlier on two occasions, the Reserve Bank of India had refused to divulge the names of the loan defaulters. Last year, in connection with a PIL petition filed by the NGO, the Centre for Public Interest Litigation, the RBI had submitted a list of 57 defaulters who owe banks ₹85,000 crore, in a sealed cover to the Supreme Court. The RBI had then argued that the rules did not permit disclosure of names held in fiduciary relationship. On the same grounds, the RBI, in May this year, again refused to entertain an RTI application demanding the names of loan defaulters.
The Standing Committee on Energy, which was discussing non-performing assets (NPA) in the power sector, hauled the government over coals for the “casual” briefing by officials of the Department of Financial Services, the RBI and the banks that financed these power projects.
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At a previous meeting of the committee, the Department of Financial Services had said that at least 34 power projects came under the category of non-performing assets. On Thursday, the lawmakers were up in arms when the bureaucrats from the Department of Financial Services, the RBI and representatives of banks that financed the power projects came with a single-page note on the subject instead of the actual list of defaulters.
Panel finds it fishy
“Officials of the Department of Financial Services told us that it does not maintain NPA-related data. It is too incredible to believe that they don’t keep track of the defaulters. One can only conclude that they want to keep it under wraps,” a member of the committee said.
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The Standing Committee has now asked the officials to bring in the list at the next meeting