IMFA/ICCL GETS WAIVER OF LOANS UPTO RS.2300 CRORES (?)

[Jibanendra Mahanty]

 
 
 
 
Dear All,   
 
Going by a News Item from ETV-Oriya,  7.00 PM, 4th October,2007,  various Financial Institutions viz. IDBI, IFCI, ICICI and PSU Banks like IOB, Canara Bank, PNB, etc have announced  to waive  a major part of the Loans provided to IMFA/ICCL,  during the Nineties and that the total amount to be waived works out to approximately Rupees 2300 Crores!
 
Whilst the background of such a massive Waiver  is not clear, it appears very strange as to how the Banks and FIs could waive such a big amount for a large Industrial House.
 
Some critics opine that it is a manipulation by the powerful IMFA/ICCL group to obtain such a massive waiver when the Banks  do not hesitate to deploy  goons to  heckle the common man for the timely repayment of Loans provided for the purchase of Motor Cycles/ Scooters, and when the poor farmers  in the State ( cotton growers in Bolangir/Kalahandi Districts ) are committing suicides  under the pressure of Bank Loans.
 
I am sure the matter will be taken up by the Political Parties of the State.
 
Thanks,
 
J.N.Mahanty

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[Sandip K. Dasverma]

Dear Jibananda babu and others:
Our public sector and other banks are very selective - they only allow
rich to get away with waivers. For the poor they do not get into those
troubles - they just don't give no loans - plea they demand collateral
or security. The written policy of the bank states that they will
sanction unsecured loans upto 5 lakhs to poor and meritorious
students. Yet they don't sanction such loans till March/April of the
following year - wasting the time and patience of these needy kids.
Plea: We can't collect money from the passing out students - without
security.

But come IMFA and their likes - boy are they generous! I am sure
there was the industrial plant as security - yet loans are written
off.
And kindly look at the volume: 2300 crores. The same banks are
unwilling to advance student loans worth not even 100 crores to the
poor students of Orissa.

In this regard kindly read my blog:
http://mathtalentsearch.blogspot.com/2006/06/case-for-unsecured-loans-to-bright-but.html
Best wishes,
Sandip

PS: After lots of effort this year we have been able to ensure that
the bright students of NITR get loan from the campus bank.
Unfortunately, so is not the case for UCE, Burla, CET, BBSR or IGIT,
Samal.
Best wishes,
Sandip

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[Bibhu Prasad Mohanty]

How poor is IMFA !!!!!!!!
Shame on policy makers and policy implementers.

Bibhu Prasad Mohanty

Independent Development Consultant

Chairman

HUNGER SOLUTION

Lingaraj Nagar, Jeypore,764004.Orissa, INDIA
Phone-06854-231912(O), 06854-231912 (R)
Cell no-09437031912

E-Mail-bib...@yahoo.com , bib...@hotmail.com 

-----------------------------------------------------------------------------------------------------------

Hunger Solution is a registered trust in India , devoted to consultancy,training and research on Food and Livelihood Security, NRM, Organic Farming, Sustainable Agriculture, Rural Development and Gender Development.

[P.C.Mishra]

Dear Sandip,

this is nice opportunity for me to add some thing in this discussion. What
you have mentioned is very important issue to discuss. I dont think the rule
what is made by bank as the unsecured loan of 5 lakhs meant for poor
meritorious student is in working state. The students are still facing this
difficulty. I still remember the situation I have faced two years back, when
I approached more than ten banks for a loan of 4 lakhs to come to UK for my
PHD. Every bank manager shouted the same slogan. They need a gurantor and I
have no one, who can stand as the same for me. It happens to me, who has a
Masters degree from IIT Delhi and had a offer from the ROYAL ACADEMY OF
ENGINEERING as an EPSRC grant of more than 80 lakhs for a span of three
years for my study and maintenance. I was seeking for my start up cost of 4
lakhs, what was a challange for me that time. I still remember the
situation, when the Deputy General Manager of SBI Bhubaneswar, explained
they dont believe the offer letter I have shown to them if not supported
through gurantor. If they dont believe this type of prospective customer,
how come they believe a poor student going for a of four years graduate
study, who can face a furious adventure after his education, which may leave
him jobless.

On kind consideration of Union bank of India, DGM Bhubaneswar, I have got a
loan, as he recognised my ability of repayment. I am doing it in time.But it
never happens in all banks for the poor student who can not give security
and gurantee.

But they can give a waiver of loan upto Rs. 2300 crore if you have the power
to play. This is what is administration in our country. This is what is
justice and equality.

BANDE UTKAL JANANI

Prakash chandra mishra

----- Original Message -----
From: "Sandip K. Dasverma" <sandip.kum...@gmail.com>
To: "OrissaTodayNetwork - A HindToday.com network member"
<Oriss...@googlegroups.com>
Sent: Saturday, October 06, 2007 10:19 AM
Subject: OTN: Re: IMFA/ICCL GETS WAIVER OF LOANS UPTO RS.2300 CRORES (?)

>

[P.C.Mishra]

Dear Sandip,

BANDE UTKAL JANANI

>

[Sandip K. Dasverma]

Dear Prakash babu:
I fully agree with you. Our banks based on records are willing to give
loan to people who are capable of paying back the loan, since their
parents have assets. In other words they are ready to give loan to
those who don't need and that is what they are mostly doing.
Your case and experience is unique and not universal because you had
already this offer of scholarship/research grant. But as you have
rightly said the starter kids getting into engineering colleges are
just starters - and last but not least - poor and ill connected. No
suger daddys to come to their aid instantly. But how many such secured
loans can be obtained by students from Orissa. And if they had such
contacts, they will not be runing around like a chicken with it's
head cut. Orissa needs it's Govt to actively pursuade the banks to
make loans if overall the poorest state in India, wants it's own
students to fill up the 15000 seats, it's 41 engineering colleges can
admit. Not that the banks don't sanction unsecured loans but mostly
due other considerations, including money. And they(multiple banks)
sanction loans to the toppers of JEE, to garner publicity. See my
blog in this regard:http://mathtalentsearch.blogspot.com/2006/06/
should-story-of-dipak-das-begin-and.html

Having said that I want to tell something which I have come to know
and resent. Time and again individual cases have come to my notice and
with help of friends and friendly individuals, I have stepped in to
put pressure to have their loan sanctioned. However after the loans
have been sanctioned when I try to persuade them to come out it in the
open and lay out the full facts such that they system can be improved
- they become completely noncooperative. They don't open their mouth
under various pretexts, and let the culprit live to torture another
soul.
For example - if you posted the name of the DGM of SBI and date the
person who told you that he does not believe your letter of offer - we
could make necessary corrections in their system. May be made the DGM
make their UK Branch manager check it out. And now under RTI you can
also get the file notings in your case - and prevent anyone after you
to have to face the same ordeal.
But will you? Probably not - because it will take some time and work -
and lastly going against some one powerful.
I wish you and people like you did help correct the system - so in
future innocents like you wont suffer.

Best wishes,
Sandip

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[Prasanna Mishra]

Friends

The experience of Prakash C Misra has been so
traumatic! This is a clear case to show how insensitive and inhumane
the system has become.

We have a few cases in Orissa where government
companies/ cooperatives took loans backed by the guarantee of the
state government but defaulted in payment.But in one time settlements
the financing institutions did not waive the accumulated interest and
the entire amount was paid to the financing institution.This type of
approach only strengthens the growing perception of " bias" of public
institutions toward the high & powerful private defaulters.

Prasanna Mishra

[P.C.Mishra]

[P.C.Mishra]