The Congress and the Bharatiya Janata Party (BJP) are likely to be on collision course over the issue of massive bad loans. The issue prompted the Reserve Bank of India (RBI) to crack the whip on top 12 defaulters who owe almost 25 percent of the overall gross NPAs of about Rs 8 lakh crore (Rs 7.7 lakh crore, according to some estimates).
The RBI has not revealed the names of the defaulting companies, but the media is abuzz with the names that includes Bhushan Steel, Alok Industries, Lanco Infratech and Monnet Ispat. RBI deputy governor SS Mundra has been quoted as saying that the bank will reveal the names at an “appropriate time”.
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