FOPSIA flays RBI over frauds

Tribune News Service

Ludhiana, February 20

Federation of Punjab Small Industries Association (FOPSIA) has expressed concern over the increasing number of bank frauds.

Association president Badish Jindal said the RBI wished to keep the frauds secret from public due to vested interests.

“Even the FOPSIA has the information about a few companies in Punjab who have done frauds with banks worth more than Rs 1,000 crore and are will full defaulters, but still banks are hiding their names. As per the information available with the FOPSIA, around 80 per cent of the NPA amount is with large-scale borrowers. These companies are in touch with ministers to settle their accounts” said Jindal.

The FOPSIA is writing a letter to the Prime Minister and the Finance Minister that the banks must disclose the names of the sick and NPA units so that the other banks and industry could be saved from such frauds.