This refers to “Whistleblower letter alleges kickbacks to Kochhar brothers” (April 17). New laws have been brought to tackle non-performing assets (NPAs) of public sector banks. We also need to handle the problem of kickbacks to bank officials by defaulters. Unless kickbacks are dealt with with a firm hand, laws alone will not help. Big borrowers default on bank loans and the media gives prominent coverage.
There are student loan defaulters, and gold loan defaulters taking small amounts in loans too. If a person takes loan, the bank should delve into his past details of money borrowed. Banks should share details of loan defaulters with each other, whatever be the form of loan — student, gold or any other like housing.
There is also the problem of retired bank staff acting as middlemen to get loans from banks.
There should be a complete ban on such practice, and the appointment letter itself should have a clause. The NPAs need to be brought under control with such measures.
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201 E-mail: email@example.com
All letters must have a postal address and telephone number