Wednesday, Jun 29, 2022
Outlook.com
maharashtra

Loan Of Contention

The government throws good money after bad to aid a minister

Loan Of Contention
Gajanand Ghurye
Loan Of Contention
outlookindia.com
-0001-11-30T00:00:00+05:53

Ultimately, it's all in the family. As the saying goes, success is relative. And the more successful you are, the more relatives you get. With Nimbalkar now emerging as a key accused in the multi-crore HomeTrade scam—he managed to evade arrest for three whole months before suddenly showing up at a Pune hospital—the minister has been at pains to distance himself from his cousin. But in fact, investigations show that the bank's Rs 30-crore investment in the HomeTrade bungle is peanuts compared to the almost Rs 200-crore largess it has extended to the Terna Cooperative Sugar factory.

Information made available to Outlook reveals that the bank sanctioned loans worth 496 per cent of its capital fund or equity to the sugar factory. This despite RBI and NABARD norms which do not allow cooperative banks to lend more than 50 per cent of their capital fund to one unit in the cooperative field.

Outlook Newsletters

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.