- The Indian government is not happy that some citizens intentionally refuse to repay loans given to them
- The government is asking its banks across the country to name the deafulters and publish their photographs
The Indian government on Wednesday, March 14, gave a new directive to its banks in the county asking them to name and shame willful defaulters by publishing their photographs and other details on newspapers, the Times of India has reported.
The report said the country’s finance ministry wrote a letter to all the state-run banks, directing them to take board approvals for publication of photographs of wilful defaulters.
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“Lending institutions shall formulate a policy with the approval of their board of directors which clearly set out the criteria for publication of photographs of wilful defaulters,” India’s semi-official news agency, Press Trust of India (PTI), also quoted a source as saying.
According to the report, wilful defaulters are the borrowers who ignore repayment of the loans despite having the capacity to do so and the government is angry that the number is increasing.
At the end of 2017, the number had increased to 9,063 in India and the amount involved for PSBs, the report said, is reported as Rs 1,10,050 crore, minister of state for finance, Shiv Pratap Shukla, had said in a written reply in the Lok Sabha.
NAIJ.com earlier reported that in Nigeria, the vice president, Professor Yemi Osinbajo, on Tuesday, February 13, said the federal government supported the 36 states with about N1.19 trillion as at September 2017 for the execution of various programmes.
Osinbajo, who disclosed this in Lokoja during the maiden Kogi state Economic and Investment Summit, said the intervention was to enable the states address paucity of funds for execution of programmes.
He said that the funds which were made available through the Excess Crude Account, Paris Club refunds and loans among others had enabled some state governments to embark on capital expenditures.
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Source: Naija.ng