Centre to write off industrial loans worth RS.6.31 lakh Cr ?

Guntur, Jan 16, 2015: Former MP Yalamanchili Sivaji said here on Friday that 10 industrial houses in the country , which had taken loans worth Rs. 6.31 lakh crores from various banks, had applied for writing off their loans or restructuring. The ten industrialists had written to the Centre, Reserve Bank of India and the Corporate Debt Restructuring Cell seeking restructuring or writing off their loans. Expressing concern that the RBI is likely to write off their loans fully or partially very soon, Sivaji said when the banks are hesitating to write off loans worth Rs.5.31 lakh Cr for 4.4 Cr farmers, it is not proper for the RBI or Government to write off their industrial loans. Sivaji, who had left for Delhi to participate in the pre-2015-16 budget meeting being presided over by Union Finance Minster Arun Jaitely, said he will raise the issue in the meeting and object to any possible writing off the loans of industrialists.