Carrying Coals to Newcastle

A news published in a section of the press suggests that 416 industrialists are yet to repay their loan amount of Rs.1.76 lakh crore taken from the commercial banks as revealed by the Reserve Bank of India (RBI). The RBI further reveals that being unable to realize the loan all the commercial and private banks condone the repayment of crores of rupees. Rs.76,600 crore was condoned by the State Bank of India alone from 220 Industrialists who have been immensely benefited. We call this as carrying coals to Newcastle. When poor loanees are unable to repay loan amount, the harassment meted out to them by the bank authority is unspeakable. We could see what happens under our nose, how many farmers have to commit suicide for being unable to repay the loan. When ordinary loanees are unable to repay instalments (EMIs) from banks or other analogous financial institutions they charge simple interest initially but subsequently, they charge compound interest. Ultimately the financial institutions display their names and address in the newspapers. We may say that no defaulter is spared. But what about the affluent industrialists who are willingly defaulters and ultimately who are exempted from repayment of loan. Why their property cannot be attached? Why this discrimination? Such mind boggling questions keep disturbing us day in, day out.

Ashok Bordoloi,

Dibrugarh.