MEANINGFUL AND PURPOSEFUL JUDICIAL ACTIVISM !
The Supreme Court has made a right beginning in the right direction by asking the RBI to share with it information about loan defaulters who owe Rs 500 crore or more to public sector banks. Calling the practice of writing off loans “a big fraud”, the court has pointed to media reports according to which top ten public sector banks had waived Rs 40,000 crore bad loans in 2015 alone. The court has put the RBI in the dock saying, “The RBI is supposed to keep watch on these banks. What are you doing about it?”
The Supreme Court has made a right beginning in the right direction by asking the RBI to share with it information about loan defaulters who owe Rs 500 crore or more to public sector banks. Calling the practice of writing off loans “a big fraud”, the court has pointed to media reports according to which top ten public sector banks had waived Rs 40,000 crore bad loans in 2015 alone. The court has put the RBI in the dock saying, “The RBI is supposed to keep watch on these banks. What are you doing about it?”
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