As banks in Punjab are doing huge write-offs, FOPSIA is in process of filing PIL in the Supreme Court

Chandigarh, March 20 -- The Federation of Punjab Small Industries Association (FOPSIA) is in the process of filing a PIL in the Supreme Court as banks in Punjab are doing huge write-offs.

With regard to this issue, President of FOPSIA, Badish Jindal said In Punjab alone, the banks are in the process of writing-off more than Rs 30,000 crores, out of this huge sum, there were NPAs to the tune of Rs 13,000 crores in Ludhiana alone.

He said that the Gross NPA ratio of the nationalized banks stand at 14.7% which means that around 14 lakh crores of nationalized banks are under threat. Whereas the Gross NPA of private sector banks stand at 4.7%. Similarly as per investigation the 94% frauds occurred in nationalized banks whereas the private se...