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Sunday, January 21, 2001

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`NPA crisis not due to industry alone'

THE FICCI President, Mr Chirayu R. Amin, virtually exonerated the industry from the responsibility for the accumulation of non-performing assets (NPAs) of the banks.

Mr Amin and Dr Amit Mitra, Secretary General, FICCI, said that of the Rs 60,000-odd crore of NPAs with the banks, around Rs 25,000 crore were due from the public sector undertakings.

Another Rs 24,000 crore was due from the priority sector lendings that the banks were forced to make. Of the rest, making adjustments for penal interests and compounded interests, only about Rs 7,000 crore were due from the industry to the banks.

Most of this again was because the promised infrastructure support did not come up for the industry, they said. - Our Bureau

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